Question: How much should you invest each month at 5% compounded monthly, to accumulate $700000 in 23-years? Assume the first monthly investment is made 1-month from
How much should you invest each month at 5% compounded monthly, to accumulate $700000 in 23-years? Assume the first monthly investment is made 1-month from now. Round your final answer to the nearest whole number (integer). Round interim calculations to 4 decimal points. Do not include any dollar signs, percentage % signs, commas, decimal places and/or spaces in your answer. Your answer should only include numbers. For example, if the correct answer is 1021, you should enter 1021 as your answer. If you enter $1021 or 1,021 or $1,021 or 1 021 or $1021.00, your answer will be marked wrong. For negative numbers, use a negative sign before the number e.g. -1021. Do not use brackets for negative numbers and do not leave a space between the negative sign and the number
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