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4. Mike wants to invest money every month for 30 years. He would like to have $500000 at the end of 30 years. For each investment option, how much does he need to invest each month? (Use Formula and show your work) a. 10.2% a compound monthly b. 5.1% a compound monthly

4. Mike wants to invest money every month for 30 years. He would like to have $500000 at the end of 30 years. For each investment option, how much does he need to invest each month? (Use Formula and show your work) a. 10.2% a compound monthly b. 5.1% a compound monthly

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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4(a,b)
4. Mike wants to invest money every month for 30 years. He would like to have $500000 at the end of 30 years. For each investment option, how much does he need to invest each month? (Use Formula and show your work) a. 10.2% a compound monthly b. 5.1% a compound monthly 5. Anderson and Lily plan to invest $80 at the end of every month into a fund that pays 6.9% per year, compounded monthly. How much interest will their investment earn after ten years, rounded to the nearest dollar? (Use TVM Solver)
Transcribed Image Text:4. Mike wants to invest money every month for 30 years. He would like to have $500000 at the end of 30 years. For each investment option, how much does he need to invest each month? (Use Formula and show your work) a. 10.2% a compound monthly b. 5.1% a compound monthly 5. Anderson and Lily plan to invest $80 at the end of every month into a fund that pays 6.9% per year, compounded monthly. How much interest will their investment earn after ten years, rounded to the nearest dollar? (Use TVM Solver)
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