Suppose you want to have $800,000 for retirement in 25 years. Your account earns a 5% interest. How much would you need to deposit in the account each month ?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Suppose you want to have $800,000 for retirement in 25 years. Your account earns a 5% interest. How much would you need to deposit in the account each month ? 
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Suppose you want to have $800,000 for retirement in 25
years. Your account earns 5% interest. How much would
you need to deposit in the account each month?
%24
Transcribed Image Text:Suppose you want to have $800,000 for retirement in 25 years. Your account earns 5% interest. How much would you need to deposit in the account each month? %24
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