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Assume the same facts as in previous question except that you waited 10 years to get started. You still want to have the goal of
| Assume the same facts as in previous question except that you | |||
| waited 10 years to get started. You still want to have the | |||
| goal of $1,000,000 at retirement. | |||
| The Formula for Sinking Fund factor is Find A given F (A/F) | |||
| at 9 % for 240 payments is: | |||
| i/[(1 + i)n - 1] | |||
| Where; i = .09/12 | |||
| and (1 + i)n = 6.00915152447 | |||
| What amount must you deposit into your savings account | |||
| monthly to get you to your goal of $1,000,000 at retirement? | |||
| a. | $2,136.37 | ||
| b. | $1,248.10 | ||
| c. | $1,497.26 | ||
| d. | $1,125.82 |
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