Question

Jennifer is the owner of a video game and entertainment software
retail store. She is currently planning to retire in 30 years and
wishes to withdraw $15,000/month for 20 years from her retirement
account starting at that time. How much must she contribute each
month for 30 years into a retirement account earning interest at
the rate of 2%/year compounded monthly to meet her retirement goal?
(Round your answer to the nearest cent.)

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Answer #1

Final answer has been underlined in red

Jennifer is the owner of a video game and entertainment software
retail store. She is currently planning to retire in 30 years and
wishes to withdraw $13,000/month for 20 years from her retirement
account starting at that time. How much must she contribute each
month for 30 years into a retirement account earning interest at
the rate of 4%/year compounded monthly to meet her retirement goal?
(Round your answer to the nearest cent.)
$

Jennifer is the owner of a video game and entertainment software
retail store. She is currently planning to retire in 30 years and
wishes to withdraw $14,000/month for 20 years from her retirement
account starting at that time. How much must she contribute each
month for 30 years into a retirement account earning interest at
the rate of 4%/year compounded monthly to meet her retirement
goal?

Problem 2: Jason is currently planning to retire in 25 years and
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30 years starting at that time. How much must he contribute each
month into a retirement account earning interest at the rate of 6%
per year compounded monthly to meet his retirement goal? (Use the
TVM solver on the calculator, fill in the information that you
typed in the calculator.) *

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