Jnnys new years resolution is to start a retirement fund

Reference no: EM13579084

1.Jenny's New year's resolution is to start a retirement fund . She has opened an account with a local broker by depositing $1000 in an investment fund. In the future she plans to invest $500 monthly into the fund. The investment funds averages a return of 6% APR with monthly compounding

a What will she have available for retirement after 30 years?
b If Jenny wants a retirement fund of $1 million when she retires in 30 years, how much will she have to invest each month with everything else the same?

Reference no: EM13579084

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