Question

Asked Oct 28, 2019

Suppose you want to have $300,000 for retirement in 20 years. Your account earns 7% interest.

a) How much would you need to deposit in the account each month?

$

b) How much interest will you earn?

$

Step 1

According to the given information:

**Amount earned after retirement P _{N}=$300,000**

**Time (n) = 20years**

**Rate of interest (r) = 7%**

The amount to be deposited in the account each month can be calculated using the formula:

Step 2

Now put the values in th...

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