Suppose you want to have $600,000 for retirement in 30 years. Your account earns 6% interest. A) How much would you need to deposit in the account each month? Answer: $ (Round to the nearest cent/penny) B) How much interest will you earn? Answer: $ (Round to the nearest cent/penny)
Suppose you want to have $600,000 for retirement in 30 years. Your account earns 6% interest. A) How much would you need to deposit in the account each month? Answer: $ (Round to the nearest cent/penny) B) How much interest will you earn? Answer: $ (Round to the nearest cent/penny)
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter2: Linear Equations
Section2.1: Writing Equations
Problem 29PPS
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Question
Suppose you want to have $600,000 for retirement in 30 years. Your account earns 6% interest.
A) How much would you need to deposit in the account each month?
Answer: $ (Round to the nearest cent/penny)
B) How much interest will you earn?
Answer: $ (Round to the nearest cent/penny)
(When writing up your problem, be sure to write out the general formula you use and show how you use the formula with information given to you.)
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