A. How much must be placed each month into a retirement account earning 15% compounded monthly if the value of the account is to reach $1,000,000 in 25 years?
answer: $308.31
b) if the account continues to earn 15% after retirement, how much per year will the account earn?
hint: what is the interest amount of $1,000,000
I got the first part, confused on the second one.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A. How much must be placed each month into a retirement account earning 15% compounded monthly if the value of the account is to reach ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What is the value of 8 digit in 28,175
Answers (2)
Which expression is equivalent to 3-4?
Answers (1)
3.14/3.14+3.14*3.14748372748584848
Answers (2)
A scientist is studying a colony of bacteria. Initially, the colony consists of 126 bacteria. The following function represents the number of bacteria in the colony after h hours, where r is the rate of growth.
Answers (1)
Round 547 to the nearest ten
Answers (1)
New Questions in Mathematics
Find the value of x 7x-8=8x
Answers (1)
What is the greatest common factor of 42a5b3, 35a3b4, and 42ab4? 7ab3 6a4b 42a5b4 77a8b7
Answers (1)
Ralph is leasing a $32,000 car for 36 months the term of his lease include a 8.5% interest rate and a residual value of 72% determine Ralph's approximate monthly lease payment A.$145.00 B.$230.40 C.$248.89 D.$443.73
Answers (1)
Express in scientific notation 472.3 in decimal form
Answers (2)
Find the circumference and the area of a circle with diameter 7 cm
Answers (1)