Suppose I want to have $600,000 (in today's dollars) in my newly opened retirement account when...
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Suppose I want to have $600,000 (in today's dollars) in my newly opened retirement account when I retire in 28 years. If my investments earn 7.5% annually, how much do I need to deposit each year to reach my goal? Assume that inflation averages 3.5% annually. Hint: First, find the actual future value using the Inflation Formula. Then, you can find the amount of each deposit. O $6,843.12 O $15,721.03 O $16,679.21 O $17,930.15 Suppose I want to have $600,000 (in today's dollars) in my newly opened retirement account when I retire in 28 years. If my investments earn 7.5% annually, how much do I need to deposit each year to reach my goal? Assume that inflation averages 3.5% annually. Hint: First, find the actual future value using the Inflation Formula. Then, you can find the amount of each deposit. O $6,843.12 O $15,721.03 O $16,679.21 O $17,930.15
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Related Book For
Personal Financial Planning
ISBN: 978-1305636613
14th edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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