You would like to have $800,000 when you retire in 40 years. How much should you invest each quarter if you can earn a rate of 5.2% compounded quarterly? You should show your work for this question. a) How much should you deposit each quarter? b) How much total money will you put into the account? c) How much total interest will you earn?
You would like to have $800,000 when you retire in 40 years. How much should you invest each quarter if you can earn a rate of 5.2% compounded quarterly? You should show your work for this question. a) How much should you deposit each quarter? b) How much total money will you put into the account? c) How much total interest will you earn?
Chapter8: Sequences, Series,and Probability
Section8.3: Geometric Sequences And Series
Problem 8ECP: An investor deposits $70 on the first day of each month in an account that pays 2 interest,...
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You would like to have $800,000 when you retire in 40 years. How much should you invest each quarter if
you can earn a rate of 5.2% compounded quarterly? You should show your work for this question.
a) How much should you deposit each quarter?
b) How much total money will you put into the account?
c) How much total interest will you earn?
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