How do you solve this? Lab Project Chapter 3- Part B You...
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Lab Project Chapter 3- Part B You have decided that you will need $350,000 above what your current retirement plan contains to survive and have a little fun when you retire. At the age of 30, you decide to start putting an amount into an annuity once a month. The account earns 5.5% compounded monthly. You plan to retire at the age of65. Your savings plan is for exactly 35 years. Show your work and the formula used. 1. How much will you need to put into this plan each month? 215.29 A 350,000 U20 months r 5% /year t years n 420 and Future va uue 3 Since i izoo total month 350 ooo 35x12 2. How much total will you put into this plan? B 3. How much interest did this plan earn while investing during the 35 years 23413
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