5
QuizMultiple Choice

Retirement — Test

Question 5 • Financial Math

To retire with $⁢2,000,000 in 35 years, Ezequiel plans to deposit a fixed amount each month into an account with an annual interest rate of 5% compounded monthly. What is the required monthly deposit? Use the following formula: P=(F⁢V⋅(r)/(n))/((1+(r)/(n))^n⁢t−1)

Answer
A
4 dollars comma 258 point 3 7
B
74 point 0 8 dollars
C
1 dollars comma 760 point 4 2
D
3 dollars comma 478 point 6 4
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