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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ISBN:
9780998625713
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OpenStax - Rice University