When he started work on his twenty-first birthday, D. B. Cooper decided to invest money each month with the objective of becoming a millionaire by the time he reaches age 60. If he expects his investments to yield 9% per annum, compounded monthly, how much should he invest each month

Monthly deposit= $512.37

Explanation:

Giving the following information:

Future value= $1,000,000

Number of periods= 60 - 21= 39*12= 468 months

Interest rate= 0.09/12= 0.0075

To calculate the monthly deposit, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (1,000,000*0.0075) / [(1.0075^468) - 1]

A= $512.37

answer: b 56, 250

explanation:

answer; closing the loop;