Let's make this material personal for you. Please enter your own choices for the next two questions. How much would you like to have saved for your retirement?

1. $100,000

In how many years would you like to retire?

1. 20 years

Now that you have chosen a retirement goal, you can make a plan for achieving your goal. Suppose you plan to make regular monthly deposits into an account earning 9% interest compounded monthly. How much would you need to deposit in the account each month to achieve your retirement goal?

How much money will you have put into the account? Hint

How much interest will you have earned? Hint