Marcus plans to retire in 40 years. He will make 20 years (240 months) of equal...

 

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Marcus plans to retire in 40 years. He will make 20 years (240 months) of equal monthly payments to his retirement account. Twenty years after his last contribution, he will begin the first of 240 months of withdrawals of $2300 per month. Assume that the retirement account earns interest of 8.1% compounded monthly for the duration of his contributions, the 20 years in between his contributions and the beginning of his withdrawals, and the 20 years of withdrawals. How large must Marcus's monthly contributions be in order to accomplish his goal? Write the equation to determine the future value of Marcus's retirement plan after 20 years. FV=PMT (1+0.00675) 0.00675 (Type integers or decimals.) 240 The amount of his monthly contributions must be $113.68 (Do not round until the final answer. Then round to the nearest cent as needed.) Marcus plans to retire in 40 years. He will make 20 years (240 months) of equal monthly payments to his retirement account. Twenty years after his last contribution, he will begin the first of 240 months of withdrawals of $2300 per month. Assume that the retirement account earns interest of 8.1% compounded monthly for the duration of his contributions, the 20 years in between his contributions and the beginning of his withdrawals, and the 20 years of withdrawals. How large must Marcus's monthly contributions be in order to accomplish his goal? Write the equation to determine the future value of Marcus's retirement plan after 20 years. FV=PMT (1+0.00675) 0.00675 (Type integers or decimals.) 240 The amount of his monthly contributions must be $113.68 (Do not round until the final answer. Then round to the nearest cent as needed.)