Andrea, a Self-Employed Individual, Wishes to Accumulate a Retirement Fund

question 7

Multiple Choice

Andrea, a self-employed individual, wishes to accumulate a retirement fund of $240,000. How much should she deposit each month into her Keogh account, which pays interest at the rate of 7.5%/year compounded monthly, to reach her goal upon retirement 24 years from now? Round your answer to the nearest cent. ​

• A) R = $302.53
• B) R = $306.40
• C) R = $322.58
• D) R = $299.05

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