ou decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. Use this information to answer questions below. 1. If your monthly payments are $76, how much will you have in your retirement fund after 40 years? $ . Round to the nearest dollar. 2. Suppose you want to use this fund to buy a $366,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal? $ . Round to the nearest dollar. 3. You decide to deposit $290 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $328,000. How many months will you need to make payments before you can retire? months. Round to the nearest month.
You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.
Use this information to answer questions below.
1. If your monthly payments are $76, how much will you have in your retirement fund after 40 years?
$ . Round to the nearest dollar.
2. Suppose you want to use this fund to buy a $366,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal?
$ . Round to the nearest dollar.
3. You decide to deposit $290 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $328,000. How many months will you need to make payments before you can retire?
months. Round to the nearest month.
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