Bob and kathy want to save a total of $5 for retirement. how much should they deposit monthly into an account that pays 3.9% interest, compounded monthly, to meet there goal in 24 years

The amount which Bob and Kathy deposited monthly is $16366.8

Step-by-step explanation:

Given as :

The amount that will be saved after retirement = A = $500000

The rate of interest applied = 3.9% compounded monthly

The time period = t = 24 years

Let The principal that should be deposited into account = $P

From Compound Interest

Amount = Principal ×

Or, $500000 = $P ×

Or, $500000 = $P ×

Or, $500000 = $P ×

Or, $500000 = $P × 2.5458

∴ P =

I.e P = $196401.91

So, The amount which they should deposit per month = = $16366.8

Hence The amount which Bob and Kathy deposited monthly is $16366.8 Answer

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