How much will you need to invest each month to reach a savings goal of $200,000 at the end of 20 years, if you invest in an annu

Question

2 years ago

7

ity that pays 3% interest, compounded monthly?
Round your answer to the nearest dollar.

2 answers:

alisha [4.7K] · Answer 1 · 2022-11-01T21:25:45+03:00

8 0

Answer:

$609

Step-by-step explanation:

ella [17] · Answer 2 · 2022-11-01T19:55:24+03:00

Answer:

investment per month=$520.83

Step-by-step explanation:

let ; total investment =p

200,000-p = p*20*3/100

(200,000-p)5 = 3p

1000000-5p =3p

1000000=8p

1000000/8=p

125000=p

therfore

investment per month=125000/240

=$520.83