bob and kathy want to save a total of 500,000 for retirement. how much should they deposit monthly into an account that pays 3.9% interest, compounded monthly, to meet their goal in 24 years?

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S
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bob and kathy want to save a total of 500,000
for retirement. how much should they deposit
monthly into an account that pays 3.9% interest,
compounded monthly, to meet their goal in 24
years?
Transcribed Image Text:bob and kathy want to save a total of 500,000 for retirement. how much should they deposit monthly into an account that pays 3.9% interest, compounded monthly, to meet their goal in 24 years?
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