Mathematics, 30.01.2020 21:50 lilswetheart2007
Max is trying to save for retirement. he is going to deposit the same amount each month for 20 years into an account that pays 4.2% compounded interest. at the end of 20 years he would like to have at least $200,000, how much does he need to deposit each month (round to the nearest dollar)?
Answers: 3
![FV=P(([1+R]^N-1)/R)](/tpl/images/0487/3462/33277.png)
![200000=P(([1+0.0035]^{240}-1)/0.0035)](/tpl/images/0487/3462/b93f1.png)
![200000=P(([1.0035]^{240}-1)/0.0035)](/tpl/images/0487/3462/09a2e.png)
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Max is trying to save for retirement. he is going to deposit the same amount each month for 20 years...
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