You want to retire exactly 35 years from today with $1,990,000 in your retirement account. If you think you can earn an interest rate of 10.23 percent compounded monthly, how much must you deposit each month to fund your retirement? Multiple Choice O O $580.31 $4,738 10 $526.79 $489.69

You want to retire exactly 35 years from today with $1,990,000 in your retirement account. If you think you can earn an interest rate of 10.23 percent compounded monthly, how much must you deposit each month to fund your retirement? Multiple Choice O O $580.31 $4,738 10 $526.79 $489.69

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter2: Using Financial Statements And Budgets

Section: Chapter Questions

Problem 6FPE

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Question

You want to retire exactly 35 years from today with $1,990,000 in your retirement account. If you think you can earn an interest rate of 10.23 percent
compounded monthly, how much must you deposit each month to fund your retirement?
Multiple Choice
O
O
$580.31
$4,738.10
$526.79
$489.69
$493.87

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