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Lady_Fox [76]
3 years ago
10

You will need $228,790 in 28 years to supplement your retirement funds. if you can earn 8% interest, you must save $________ eac

h year. hint: this is a yearly problem.
Business
2 answers:
Alborosie3 years ago
8 0
To answer this question use the formula of the future value of an annuity ordinary which is
Fv=pmt [( (1+r)^(n)-1)÷r]
Fv future value 228790
PMT yearly save. ?
R interest rate 0.08
N time 28 years
Solve the formula for PMT
PMT=Fv÷[( (1+r)^(n)-1)÷r]
PMT=228,790÷(((1+0.08)^(28)−1)÷(0.08))
PMT=2,399.75 round your answer to get 2400

Hope it helps!
kodGreya [7K]3 years ago
3 0
You will need $228,790 in 28 years to supplement your retirement funds. If you can earn 8% interest, you must save $2,400 each year. ✅
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The contribution margin will decrease by 2.50

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3 years ago
if gdp is $15 trillion, consumption is $9 trillion, government spending is $2 trillion, investment is $3 trillion, and exports a
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<em>Find out more at brainly.com/question/7555206.</em>

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