MathMate answered this for you almost two hours ago.
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Suppose a student wants to be a millionaire in 40 years. If she has an account that pays 8% interest compounded monthly, how much must she deposit each month in order to achieve her goal of having $1,000,000? What is the present value of this annuity?
2 answers
http://www.jiskha.com/display.cgi?id=1323388653
http://www.jiskha.com/display.cgi?id=1323312401
http://www.jiskha.com/display.cgi?id=1318341535
http://www.jiskha.com/display.cgi?id=1323312401
http://www.jiskha.com/display.cgi?id=1318341535