Sharon wants to retire in 30 years time, and so decides to start a new retirement savings account. She wants to accumulate 400000 dollars by the time she retires. Initially, Sharon deposits 1000 dollars into the account. She will make further deposits at the end of each month. The account will earn interest at annual rate 5 percent, compounded monthly. How much will she have to deposit into the account each month in order to reach this target after 30 years? (Give your answer, in dollars, correct to the nearest cent.)
Sharon wants to retire in 30 years time, and so decides to start a new retirement savings account. She wants to accumulate 400000 dollars by the time she retires. Initially, Sharon deposits 1000 dollars into the account. She will make further deposits at the end of each month. The account will earn interest at annual rate 5 percent, compounded monthly. How much will she have to deposit into the account each month in order to reach this target after 30 years? (Give your answer, in dollars, correct to the nearest cent.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Sharon wants to retire in 30 years time, and so decides to start a new retirement savings account. She wants to accumulate 400000 dollars by the time she retires.
Initially, Sharon deposits 1000 dollars into the account. She will make further deposits at the end of each month.
The account will earn interest at annual rate 5 percent, compounded monthly.
How much will she have to deposit into the account each month in order to reach this target after 30 years? (Give your answer, in dollars, correct to the nearest cent.)
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