Suppose Tom is 25 years old and he would like to retire at age 60. Tom...

 

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Suppose Tom is 25 years old and he would like to retire at age 60. Tom decides to make regular monthly deposits to an account earning an interest rate of 2% compounded monthly. a) (8 pts) He would like to accumulate $450,000 by the time he retires at age 60. How much should Tom deposit each month in order to accomplish his goal? Monthly payment b) (7 pts) What is the interest in $? Interest ($) 5. (15 pts) Suppose that a country's population is 43 million. The country's carrying capacity is 90 million. The population growth follows a logistic growth model with the base growth rate, r-2.3%, what is the country's current growth rate? Answer Suppose Tom is 25 years old and he would like to retire at age 60. Tom decides to make regular monthly deposits to an account earning an interest rate of 2% compounded monthly. a) (8 pts) He would like to accumulate $450,000 by the time he retires at age 60. How much should Tom deposit each month in order to accomplish his goal? Monthly payment b) (7 pts) What is the interest in $? Interest ($) 5. (15 pts) Suppose that a country's population is 43 million. The country's carrying capacity is 90 million. The population growth follows a logistic growth model with the base growth rate, r-2.3%, what is the country's current growth rate? Answer