Jesse wants to have $ 500,000 in his IRA when he retires in 40 years. He is able to invest in an IRA that will yield 2 % compounded monthly. How much will Jesse need to invest into his IRA each month to

Jesse wants to have $ 500,000 in his IRA when he retires in 40 years. He is able to invest in an IRA that will yield 2 % compounded monthly. How much will Jesse need to invest into his IRA each month to reach his goal?

P=B(r/n)/(1+r/n)^nt-1
A. $ 374.69
B. $ 436.72
C. $ 556.69
D. $ 680.79

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Jesse wants to have $ 500,000 in his IRA when he retires in 40 years. He is able to invest in an IRA that will yield 2 % compounded monthly. How much will Jesse need to invest i…

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