You would like to have $700,000 whenyou retire in 40 years. How muchshould you invest each quarter if youcan earn a rate of 2.9% compoundedquarterly?a) How much should you deposit eachquarter?b) How much total money will you putinto the account?c) How much total interest will youearn?

PMT(amount of each deposit) = ?FV( value of annuity) = $700,000n(number of compounded per year) = 4…

Answered: You would like to have $700,000 when…

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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You would like to have $700,000 when you retire in 40 years. How much should you invest each quarter if you can earn a rate of 2.9% compounded quarterly? a) How much should you deposit each quarter? b) How much total money will you put into the account? c) How much total interest will you earn?