The monthly payment is $796.40.
The total amount she would deposit is $286,705.51
The total interest earned is $513,294.49
The payments made by Jessica are known as deferred annuities. Deferred annuities are when a series of payments are made in exchange for an amount of money in the future.
The formula that can be used to determine the amount of monthly deposit is: future value / annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
r = interest rate = 6%/12 = 0.5%
n = number of years = 30 x 12 = 360
Annuity factor = ](1.005^360) - 1] / 0.005 = 1004.515
Monthly payments = 800,000 / 1004.515 = $796.40
Total amount she would deposit = monthly payment x number of years x number of months in a year
$796.40 x 30 x 12 = 286,705.51
Total interest earned = value of the retirement account - total amount deposited
800,000 - 286,705.51 = 513,294.49
To learn more about annuities, please check: https://brainly.com/question/24108530
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