Question: Problem Ust NORI lems Previous Problem 11 point) A person wants to establish an annuity for retirement. He wants to make monthly deposits for 30
Problem Ust NORI lems Previous Problem 11 point) A person wants to establish an annuity for retirement. He wants to make monthly deposits for 30 years so that he can then make monthly withdraws of $3,600.00 for 15 years. The annuity earns 7.16% compounded monthly Cap How much will have to be in the account at the time he retires? Value of account at retirement Note: Your answer is a dollar amount and should have a dollar sign and exactly two decimal places) (b) How much should be deposited each month for 30 years in order to accumulate the required around? monthly deposit Note: Your answer is a dolar amount and should have a dollar sign and exactly two decimal places! (c) What is the total amount of interest earned during the 45-year period? Total Interest Earned: Note: Your answer is a dollar amount and should have a dollar sign and exactly two decimal places
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