Mr. Funperson will graduate with an engineering BS degree from USF before his 25th birthday, and...

Mr. Funperson will graduate with an engineering BS degree from USF before his 25th birthday, and start his first professional job immediately upon his graduation. Mr. Funperson decides to set up a retirement account and makes his first monthly deposit into the retirement account a month after his 25th birthday. He will continue making these monthly deposits until he retires at 65. His goal is for his retirement account to reach 500,000 dollars on his 65th birthday. Assume an interest rate of 6% per year.

Calculate Mr. Funperson's monthly deposit if he stops making deposits after his 55th birthday. That is, his last deposit will be made on his 55th birthday.

a.) $248

b.) $274

c.) $299

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jeff jeffy answered 1 year ago

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