You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. Suppose you want to use this fund to buy a $263,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal? $ ___________. Round to the nearest dollar.
You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. Suppose you want to use this fund to buy a $263,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal? $ ___________. Round to the nearest dollar.
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 21E
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You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.
Suppose you want to use this fund to buy a $263,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal?
$ ___________. Round to the nearest dollar.
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