Answered: Suppose you want to have $700,000 for…

Suppose you want to have $700,000 for retirement in 25years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 12PROB

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Question

5. Suppose you want to have $700,000 for retirement in 25years. Your account earns 9% interest.

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

b) How much interest will you earn?

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