Suppose you want to have $700,000 for retirement in 35 years. Your account earns 7% interest. How much would you need to deposit in the account each month?

Question

asked Jan 17, 2024 15.8k views

1 Answer

Marcelo · Answer 1 · 2024-01-24T02:15:59+0000

Answer:

Therefore, you would need to deposit $1,068.19 each month to have $700,000 in 35 years with a 7% interest rate.

Explanation: