Desired sum = $600,000
Annual interest rate = 8%
Monthly interest rate = 0.667%
Time to retirement = 35 years or 420 months
Let monthly deposit be $x
$x*1.00667^419 + $x*1.00667^418 + $x*1.00667^417 + … +
$x*1.00667 + $x = $600,000
$x * (1.00667^420 - 1) / 0.00667 = $600,000
$x * 2,296.13555 = $600,000
$x = $261.31
Monthly deposit is $261.31
Gradebook ties and Loans suppose you want to have S60°,000 for retirement in 35 years. Your...
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