Sharon wants to retire in 20 years time, and so decides to start a new retirement savings account. She wants to accumulate 75000

Question

3 years ago

15

Sharon wants to retire in 20 years time, and so decides to start a new retirement savings account. She wants to accumulate 75000

0 dollars by the time she retires. Initially, Sharon deposits 5000 dollars into the account. She will make further deposits at the end of each month. The account will earn interest at annual rate 8 percent, compounded monthly. How much will she have to deposit into the account each month in order to reach this target after 20 years

Business

1 answer:

Vesna [10] · Answer 1 · 2022-04-08T07:03:16+03:00

Vesna [10]3 years ago

8 0

Answer: around 3,000 a month

Explanation: