1. You deposit $3000 each year into an account earning 7% interest compounded annually. How much...

1. You deposit $3000 each year into an account earning 7% interest compounded annually. How much will you have in the account in 25 years?

2. Suppose you want to have $600,000 for retirement in 25 years. Your account earns 7% interest.

a) How much would you need to deposit in the account each month?

b) How much interest will you earn?

3. You have $400,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?

Expert Solution

The answer is in the pic. If any doubt still remained, let me know in the comment section. If this solution helped, please upvote to encourage us. Thanks :)

Colby Messinger answered 1 year ago

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1. You deposit $3000 each year into an account earning 7% interest compounded annually. How much...

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