Use the savings plan formula to answer the following question. At age 45, you start saving for retirement. If your investment plan pays an APR of 4% and you want to have $1 million when you retire in 20 years, how much should you deposit monthly? You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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Use the savings plan formula to answer the following question.
At age 45, you start saving for retirement. If your investment plan pays an APR of 4% and
you want to have $1 million when you retire in 20 years, how much should you
deposit monthly?
You should invest $ each month.
(Do not round until the final answer. Then round to two decimal places as needed.)
Transcribed Image Text:Use the savings plan formula to answer the following question. At age 45, you start saving for retirement. If your investment plan pays an APR of 4% and you want to have $1 million when you retire in 20 years, how much should you deposit monthly? You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.)
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