How much must be placed each month into a retirement account earning 14% compounded monthly if the value of the account is to reach $ 1,000,000 in 35 years? b) If the account continues to earn 14% after retirement, how much per year will the account earn?
How much must be placed each month into a retirement account earning 14% compounded monthly if the value of the account is to reach $ 1,000,000 in 35 years? b) If the account continues to earn 14% after retirement, how much per year will the account earn?
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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Question
How much must be placed each month into
a retirement account earning 14% compounded monthly if the
value of the account is to reach $ 1,000,000 in 35 years?
b) If the account continues to earn 14% after retirement, how
much per year will the account earn?
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