Marianne opened a retirement account that has an annual yield of 5.5%. She is planning to retire in 25 years. How much should she put into the account each month so that she will have $500,000 when she retires?

Monthly deposit, P = $776.41

Step-by-step explanation:

Interest rate per annum = 5.5%

number of years = 25

Since she pays monthly, number of payments per annum = 12

Interest rate per period, r = (Interest rate per annum)/(number of payments per annum)

r = 5.5%/12 = 0.46%

Number of periods, n = number of years * number of payments per annum

n = 25 * 12 = 300

Future value of annuity, FVA = $500,000

Monthly deposit will be:

P = $776.41

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