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.

Question

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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Khải Quang 6 months 2021-07-30T13:00:37+00:00 1 Answers 3 views 0

Answers ( )

  1. kiet
    0
    2021-07-30T13:02:22+00:00
    Reply

    Answer:

    Your answer is D.

    Step-by-step explanation:

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