Asked by Faye
John is a 45 year old and wants to retire at age 65. He wishes to make monthly deposit into an account paying 9% compounded monthly so when he retires he can withdraw $320 a month for 30 years. How much should John deposit each month?
Answers
Answered by
Reiny
solve for x
x(1.0075^240 - 1)/.0075 = 320(1 - 1.0075^-360)/.0075
the denominators will cancel, so
x = 320*(1 - 1.0075^-360)/(1.0075^240 - 1)
= ...
you do the button pushing.
Let me know what you get
x(1.0075^240 - 1)/.0075 = 320(1 - 1.0075^-360)/.0075
the denominators will cancel, so
x = 320*(1 - 1.0075^-360)/(1.0075^240 - 1)
= ...
you do the button pushing.
Let me know what you get
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.