A young executive deposits $300 at the end of each month for 8 years and then increases the deposits. If the account earns 7.2%, compounded monthly, how much (to the nearest dollar) should each new deposit be in order to have a total of $400,000 after 25 years?
2 answers
The new deposit should be $400 per month in order to have a total of $400,000 after 25 years.
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1 answer