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A man plans to retire in 30 years. While working, he intends to deposit money each month into his retirement fund which earns 63 % interest per year, compounded monthly. He desires a million dollars in his retirement fund at the time he retires. Over the next 30 years, what amount (in $) should he deposit monthly into his retirement fund in order to accomplish his goal? Give the answer to 2 decimal places, and do not use the $ sign in the answer box. 132,744.91

A man plans to retire in 30 years. While working, he intends to deposit money each month into his retirement fund which earns 63 % interest per year, compounded monthly. He desires a million dollars in his retirement fund at the time he retires. Over the next 30 years, what amount (in $) should he deposit monthly into his retirement fund in order to accomplish his goal? Give the answer to 2 decimal places, and do not use the $ sign in the answer box. 132,744.91

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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A man plans to retire in 30 years. While working, he intends to deposit money each month into his retirement fund which earns 63% interest per year, compounded monthly. He desires a million dollars in his retirement fund at the time he retires. Over the next 30 years, what amount (in $) should he deposit monthly into his retirement fund in order to accomplish his goal? Give the answer to 2 decimal places, and do not use the $ sign in the answer box. 132,744.91
Transcribed Image Text:A man plans to retire in 30 years. While working, he intends to deposit money each month into his retirement fund which earns 63% interest per year, compounded monthly. He desires a million dollars in his retirement fund at the time he retires. Over the next 30 years, what amount (in $) should he deposit monthly into his retirement fund in order to accomplish his goal? Give the answer to 2 decimal places, and do not use the $ sign in the answer box. 132,744.91
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