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seraphim [82]
2 years ago
13

Suppose you waited 10 years to invest in the same retirement fund and have the same $400,000 for retirement at the same 8% inter

est. What amount will you have to deposit each month to match the value of your annuity?
Mathematics
1 answer:
Ierofanga [76]2 years ago
7 0

Answer:

<em>$7,196.42 </em>

Step-by-step explanation:

Using the compound interest formula to fins the amount after 10years;

A  = P(1+r)^n

Principal P = $400,000

Rate r = 8% = 0.08

Time t = 10 years

Substitute

A = 400,000(1+0.08)^10

A = 400,000(1.08)^10

A = 400,000(2.1589)

A = 863,569.99

A ≈ 863,570

Hence the amount after 10 years is $863,570

Monthly deposit = $863,570/120 (10 years is equivalent to 120months)

Monthly deposit = 7,196.42

<em>Therefore he will have to deposit $7,196.42 into his account monthly</em>

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