2) You wish to retire at age 62 and at the end of each month...
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2) You wish to retire at age 62 and at the end of each month thereafter, for 23 years (276 months), to re- ceive $4,000. Assume that you begin making monthly payments into an account at age 24. You con- tinue these payments until age 62 . If the annual nominal interest rate is constant at 5.0%, how much must you deposit monthly between the ages of 24 and 62 (468 months)? 2) You wish to retire at age 62 and at the end of each month thereafter, for 23 years (276 months), to re- ceive $4,000. Assume that you begin making monthly payments into an account at age 24. You con- tinue these payments until age 62 . If the annual nominal interest rate is constant at 5.0%, how much must you deposit monthly between the ages of 24 and 62 (468 months)
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