tos 0ee Test Information This lest has a tme imt of 2 hours and 30 mines The les
ID: 1133448 • Letter: T
Question
tos 0ee Test Information This lest has a tme imt of 2 hours and 30 mines The lest will save and sbnd adomdically when the tme expires Warings appear whon halt the time, 5 minutes, 1 miute, and 30 seconds remain Force Completion Once started thes tet munt be conpleled in one sithing Do not oawe the est belore cicking Save and Submit Thes lest does not adlow backtracking Changes to the anwer ater ssion are prohbited Question Completion Status &Moving to the rnest question peevents dhanges to is anwer Question 6 of 10 10 paints Save Answer A 40 year old person wands toaccumdale 5494 827 by age 65 HOW much will she need to save each month, starting one month tom now, the interest tate is 5% per monh? 4 Moving to the next quenion prevents changes to th e Queston & of 10 FGH J KL Enter AItExplanation / Answer
Principal Amount = $142140
Annual interest rate = 5 percent; Number of years = 65-40 = 25 years of age; it is compounded monthly
494827 = P [ 1+ 5 /100]12*25
P = $142140
where P is the initial investment
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