To supplement your planned retirement in exactly 42 years, you estimate that you need to accumulate $1,000,000 by the end of 42 years from today. You plan to make equal annual end-of-year deposits into account paying 4% annual interest. a. How large must each annual deposit (payment) be to create the $1,000,000 by the end of 42 years? b. If you can afford to deposit only $5000 per year (payment) into the account, how much will you have accumulated by the end of the f second year? Entering your answer: . No dollar signs. · Round to the nearest cent (2 decimal places) Use commas as appropriate. • Only enter the numerical value, no variables, no equal signs

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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To supplement your planned retirement in exactly 42 years, you estimate that you need to accumulate
$1,000,000 by the end of 42 years from today. You plan to make equal annual end-of-year deposits into an
account paying 4% annual interest.
a. How large must each annual deposit (payment) be to create the $1,000,000 by the end of 42 years?
b. If you can afford to deposit only $5000 per year (payment) into the account, how much will you have accumulated by the end of the forty-
second year?
Entering your answer:
. No dollar signs.
· Round to the nearest cent (2 decimal places)
Use commas as appropriate.
• Only enter the numerical value, no variables, no equal signs
Transcribed Image Text:To supplement your planned retirement in exactly 42 years, you estimate that you need to accumulate $1,000,000 by the end of 42 years from today. You plan to make equal annual end-of-year deposits into an account paying 4% annual interest. a. How large must each annual deposit (payment) be to create the $1,000,000 by the end of 42 years? b. If you can afford to deposit only $5000 per year (payment) into the account, how much will you have accumulated by the end of the forty- second year? Entering your answer: . No dollar signs. · Round to the nearest cent (2 decimal places) Use commas as appropriate. • Only enter the numerical value, no variables, no equal signs
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