Sophia wishes to retire at age 65 with $1,700,000 in her retirement account. When she turns 28, she decides to begin depositing money into an account with an APR of 9%. What is the monthly deposit that Sophia must make in order to reach her goal? Round your answer to the nearest cent, if necessary.
Sophia wishes to retire at age 65 with $1,700,000 in her retirement account. When she turns 28, she decides to begin depositing money into an account with an APR of 9%. What is the monthly deposit that Sophia must make in order to reach her goal? Round your answer to the nearest cent, if necessary.
Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section3.2: Solve Percent Applications
Problem 3.40TI: Susana invested a principal of $36,000 in her bank account with interest rate 6.5%. How much...
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Sophia wishes to retire at age 65 with $1,700,000 in her retirement account. When she turns 28, she decides to begin depositing money into an account with an APR of 9%. What is the monthly deposit that Sophia must make in order to reach her goal? Round your answer to the nearest cent, if necessary.
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