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?

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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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