QuestionYou want to have $\$ 500,000$ when you retire in 25 years. If you can earn $9 \%$ interest compounded monthly, how much would you need to deposit now into the account to reach your retirement goal? \\square$ Submit Question

Studdy Solution
So, you would need to deposit approximately $\$$ 53,139.65 now to reach your retirement goal of $\$$ 500,000 in 25 years.
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