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6.7 Exercise 15

Avg difficulty 2.5

Kaitlyn wants to retire with $1,500,000 in her mutual fund account. She will invest for 35 years. The mutual fund reports an average return of 11.62% over the 18-year-long life of the mutual fund. Assuming that this interest rate continues, and is compounded quarterly, how much will she need to pay annually into her mutual fund to reach her goal?

OpenStax Contemporary Mathematics, 6.7 Investments, exercise 15

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.