Catherine Dohanyos plans to retire in 20 years. She will make 20 years of monthly contributions to her retirement account. One month after her last contribution, she will begin the first of 10 years of withdrawals. She wants to withdraw $2200 per month. How large must her monthly contributions be in order to accomplish her goal if the account earns interest of 7.9% compounded monthly for the duration of her contributions and the 120 months of withdrawals? The amount of her monthly contributions must be $ (Round to the nearest cent as needed.)

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Catherine Dohanyos plans to retire in 20 years. She will make 20 years of monthly contributions to her retirement
account. One month after her last contribution, she will begin the first of 10 years of withdrawals. She wants to
withdraw $2200 per month. How large must her monthly contributions be in order to accomplish her goal if the
account earns interest of 7.9% compounded monthly for the duration of her contributions and the 120 months
of withdrawals?
The amount of her monthly contributions must be $
(Round to the nearest cent as needed.)
Transcribed Image Text:Catherine Dohanyos plans to retire in 20 years. She will make 20 years of monthly contributions to her retirement account. One month after her last contribution, she will begin the first of 10 years of withdrawals. She wants to withdraw $2200 per month. How large must her monthly contributions be in order to accomplish her goal if the account earns interest of 7.9% compounded monthly for the duration of her contributions and the 120 months of withdrawals? The amount of her monthly contributions must be $ (Round to the nearest cent as needed.)
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