6. You want to have a $1,000,000 purchasing power amount when you retire in 50 years. Assume an inflation amount of 2.5% and an investment yield of 9% (both compounded monthly). What amount needs to be saved in 50 years equal to 1 million today? What is the monthly amount to be deposited to obtain the million dollar purchasing power investment?

What is the excel formula to figure out the months 1-600. Amortization schedule not required

MONTHLY 1. 2. 3. 4. Future value amount(s) Present value amount Time and number of periods (including compounding timing) Interest rate STEP 1 - FV with inflation; STEP 2 - PMT to obtain FV 0 50 annual 0.025 inflation 12 0.09 investment 600 0.002083 inflation 0.0075 investment TIMELINE MONTHS 0 invest interest balance ($296.50) current with inflation $ 1,000,000 $3,485,807.49 1 2 3 $296 $296 $ $296 $ $296 $ $296 $ $296 S $296 $ 4 0 $299 $597 $898 $1,202 $1,507 $1,815 $2,125 $2 2 4 7 9 11 14 5 6 7