1. You need $200,000 to retire in 10 years. You can invest monthly amounts at 5% APR at work. How much should you contribute each month?
2. A friend creates an IRA with an APR of 6.25%. She starts at age 25 and deposits $50 per month.
a) How much will her IRA contain when she retires at age 65?
b) What is the total amount of her deposits?
Can someone please help me with these 2 questions and explain the steps.
Thanks!