You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. Use this information to answer the questions below. 1. If your monthly payments are $76, how much will you have in your retirement fund after 40 years? Round to the nearest dollar. 2. Suppose you want to use this fund to buy a $366,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal? Round to the nearest dollar. 3. You decide to deposit $290 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $328,000. How many months will you need to make payments before you can retire? Round to the nearest month
You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. Use this information to answer the questions below.
1. If your monthly payments are $76, how much will you have in your retirement fund after 40 years? Round to the nearest dollar.
2. Suppose you want to use this fund to buy a $366,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal? Round to the nearest dollar.
3. You decide to deposit $290 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $328,000. How many months will you need to make payments before you can retire? Round to the nearest month.
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