A newscaster earns $25,500 and wants to invest 10% of his/her monthly salary to save for retirement
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Question:
A newscaster earns $25,500 and wants to invest 10% of his/her monthly salary to save for retirement in 35 years. If he/she invests this money at 3.8% compounded monthly, how much money will he/she have at retirement?
a) How much will be saved each year?
b) What will be the monthly deposit?
Related Book For
Managerial Decision Modeling with Spreadsheets
ISBN: 978-0136115830
3rd edition
Authors: Nagraj Balakrishnan, Barry Render, Jr. Ralph M. Stair
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