## You want to have $600,000 when you retire in 10 years. If you can earn 8% interest compounded monthly, how much would you need to deposit no

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## Answers ( )

Answer:$270,314.08

Step-by-step explanation:The multiplier each month is 1+0.08/12 ≈ 1.0066667, so after 120 months, the amount is multiplied by (1.0066667)^120 ≈ 2.2196402. The amount needed is …

$600,000/2.2196402 ≈

$270,314.08