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Use the calculation of Future Value; Maury's retirement portfolio accumulated to $189,440. If he had been...

Use the calculation of Future Value;

Maury's retirement portfolio accumulated to $189,440. If he had been saving for 17 years at an APR of 2.19%, what were his monthly contributions into account?

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Answer #1

Ans $ 74.69

Monthly contributions into account should be $ 74.69

P= Periodic payments r= rate of interest n = no of years

Future Value of Annuity = 18440 = 18440 = P= P((1+r)^n - 1)/r P*((1 + 2.19%/12)^204 - 1)/(2.19%/12) 246.890935125241 * P 1844

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