Question

You begin saving for retirement at age 25, and you plan to retire at age 60. You want to deposit a certain amount each month into an account that pays an APR of 6% compounded monthly. Make a table that shows the amount you must deposit each month in terms of the nest egg you desire to have when you retire. (Round your answers to the nearest cent.)

Nest egg size	Needed deposit
$100,000	$
$200,000	$
$300,000	$
$400,000	$
$500,000	$
$600,000	$
$700,000	$
$800,000	$
$900,000	$
$1,000,000	$

Answer 1