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Homework answers / question archive / jay is working in a factory that offers a pension in the form of an annuity that pays 5% annual interest, compounded monthly
jay is working in a factory that offers a pension in the form of an annuity that pays 5% annual interest, compounded monthly. He wants to work for 30 years and then have a retirement income of $2000 per month for 20 years. How much do he and his employer together have to deposit per month into the pension fund to accomplish this?how much did jay deposit?How much interest did jay earn from his deposits?