A couple has determined that they need $300,000 to establish an annuity when they retire in 25 years. How much money should they deposit at the end of each month in an investment plan that pays 10%, compounded monthly, so they will have the $300,000 in 25 years?
The couple should deposit $1,068.90 at the end of each month in an investment plan that pays 10%, compounded monthly, so they will have the $300,000 in 25 years.
