When you graduate college at the age of 20, you want to start saving up for retirement. if your investment pays a fixed apr of 8.5% and you want to have $500,000 when you retire in 45 years, how much would you need to deposit, at the beginning of each month, to reach this goal? a. $79.53 c. $81.98 b. $80.13 d. $82.65

Answer-

You need to deposit $80.13 at the beginning of each month, to reach this goal.

Solution-

We know that,

Where,

P = periodic payment

r = rate per period

n = number of period

Here,

Putting the values,

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(2,20) means that the 2 is 2 hours and 20 is 20$. so there both 20$ for 2 hours only the same price. like it says. so, the dunk tank and the bounce house are the same price (20$) for the same amount of time (2 hours).

hope i