Nestor is 25 years old right now and wants to retire at age 65. He wishes to make monthly deposits in an account paying 6% compounded monthly so when he retires he can withdraw $1000 in interest each month. How much should Nestor deposit each month?
Nestor is 25 years old right now and wants to retire at age 65. He wishes to make monthly deposits in an account paying 6% compounded monthly so when he retires he can withdraw $1000 in interest each month. How much should Nestor deposit each month?
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1. Using Table 1---Find the Future Value of $5,000 at 6% interest compounded semi-annually for 2 years.
$5,627.55
$5.835.64
$5,527.55
$5,735.64
2.Using Table 2---Find the Compound Interest on $2,500 at .75% interest compounded daily by Leader Financial Bank for 20 days.
$1.02
$10.30
$1.03
$6.31
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