24 Jul WHAT MINIMUM ANNUITY AMOUNT NEEDS TO BE PLACED IN THEIR ACCOUNT AT THE END
Sanjay and Marissa Gupta have decided to begin a retirement savings program where they will contribu Show more Sanjay and Marissa Gupta have decided to begin a retirement savings program where they will contribute to an account that will accumulate tax free throughout their working lives. The couple expects to retire in exactly 29 years from today and their goal is to have accumulated the amount of $825000 when they reach their future retirement age. In order to meet their goal the couple will begin making contributions one month from today and will continue placing this same amount into their retirement account at the end of each month for the next 29 years. What minimum annuity amount needs to be placed in their account at the end of each month so that theyll reach their goal if the annual interest rate is 9%. Show less
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