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An investment broker is working with his client. His client wants to have enough money that...

An investment broker is working with his client. His client wants to have enough money that when the couple retires they can feel secure. The broker suggest that they should plan on having $800,000 to feel secure for the rest of their lives. The broker can guarantee a rate of 6.2% compounded monthly if they agree to keep the money in for 35 years. How much will the couple have to pay into the investment each month?

Group of answer choices

$612.65/mo.

$4,669.47/mo.

$836.47/mo.

$536.14/mo.

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Answer #1

Monthly payments have been calculated using the PMT function:-

=PMT(rate,nper,pv,fv)

=PMT(6.2%/12,35*12,,800000)

=536.14

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