Suppose you want to have $800,000 for retirement in 35 years. Your account earns 5% interest. a) How much would you need to deposit in the account each month? (Round to the nearest cent.) $ b) How much interest will you earn? (Round to the nearest cent.)

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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Suppose you want to have $800,000 for retirement in 35 years. Your account earns 5% interest.
a) How much would you need to deposit in the account each month?
(Round to the nearest cent.)
b) How much interest will you earn?
(Round to the nearest cent.)
Transcribed Image Text:Suppose you want to have $800,000 for retirement in 35 years. Your account earns 5% interest. a) How much would you need to deposit in the account each month? (Round to the nearest cent.) b) How much interest will you earn? (Round to the nearest cent.)
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