Lila Gibbons decides to open a retirement savings account today and she wants to make equal...

Lila Gibbons decides to open a retirement savings account today and she wants to make equal payments every month for the next 9 years. She anticipates she can earn 5.20% on the account which compounds monthly and would like to have $110,000 at the end of the 9 years. To achieve her goals, the payments should be closest to:

A. $800.87.

B. $797.42.

C. $824.50.

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Expert Solution

Answer B

jeff jeffy answered 2 years ago

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