What amount should your friend deposit every two weeks

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Reference no: EM132048516

You've decided that you are going to put away money for retirement from each of your paychecks.

You plan to deposit $300 from each of your monthly paychecks into an account that earns 6% APR compounded monthly.

You friend wants to adopt the same plan but gets paid biweekly (every 2 weeks), what amount should your friend deposit every 2 weeks into the same type of account with same interest rate and compounding period such that you each have the same amount of money saved after 10 years?

Reference no: EM132048516

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