Andrea a selfemployed individual wishes to accumulate a reti

Andrea, a self-employed individual, wishes to accumulate a retirement fund of $200,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 9.5%/year compounded monthly, to reach her goal upon retirement 35 years from now? (Round your answer to the nearest cent.)

Solution

How much should she deposit each month into her retirement account, which pays interest at a rate of 9.5%/year compounded monthly

A = $2450