thday, you will make the first monthly contribution of $200 into the fund that will earn 6%/year compounded annually. You will make your last payment into the fund on your 65th birthday. At age 65, when you retire, you have decided to opt for 30 years of equal bi-weekly payments (one payment every two weeks) from the fund with the first payment starting two weeks after your 65th birthday. How large will each payment be, assuming the fund will still be earning 6%/year compounded annuall

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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You wish to build an independent fund for your retirement planned for your 65th birthday. On your 30th birthday, you will make the first monthly contribution of $200 into the fund that will earn 6%/year compounded annually. You will make your last payment into the fund on your 65th birthday. At age 65, when you retire, you have decided to opt for 30 years of equal bi-weekly payments (one payment every two weeks) from the fund with the first payment starting two weeks after your 65th birthday. How large will each payment be, assuming the fund will still be earning 6%/year compounded annually?

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