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How much does the person need to deposit in account

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Reference no: EM132047051

Suppose someone wants to accumulate $120,00 for retirement in 30 years. The person has two choices. Plan A is a single deposit into an account with annual compounding and an APR of 4%. Plan B is a single deposit into an account with continuous compounding and an APR of 3.5%. How much does the person need to deposit in each account in order to reach the goal?

The person must deposit $______________ into the account for Plan A to reach the goal of $120,000. (Round to the nearest cent as needed.)

Reference no: EM132047051

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