Question
a You want to accumulate $1,000,000 in retirement funds by your 65th birthday. Today is your 30th birthday, and you plan on making annual investments
a
You want to accumulate $1,000,000 in retirement funds by your 65th birthday. Today is your 30th birthday, and you plan on making annual investments into a mutual fund that you project will earn a 9% annual rate of return. Your first deposit will take place today and your last deposit will take place on your 65th birthday. What is the amount of the annual payment you must make each year in order to have $1,000,000 in your account on the day you make your last deposit - that is, on your 65th birthday? (Round your answer to 2 decimal places and enter your answer without a dollar sign and without commas. For example, record $21,325.32768 as 21325.33)... Answer is 4235.05... Can you provide an excel solution? | ||||||
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