7. (11 points) You are planning for your retirement and have decided the followi
ID: 2728489 • Letter: 7
Question
7. (11 points) You are planning for your retirement and have decided the following: you will retirein 35 years and will make monthly deposits into your retirement account of $400 for the next 15years and then monthly deposits of $800 for the remaining 20 years until retirement. You have access to an account that earns a 7% rate of return. 7. (11 points) You are planning for your retirement and have decided the following: you will retire
in 35 years and will make monthly deposits into your retirement account of $400 for the next 15years and then monthly deposits of $800 for the remaining 20 years until retirement. You have access to an account that earns a 7% rate of return.
Explanation / Answer
Answer:
=($400*(1+7%/12)^180+($800*(1+7%/12)^240
=1139.58+3230.99
=4370.57
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