help with part 2 please.

You are 21 years old today. Starting one month from now, if you deposit $400 per month for 32 years into your retirement account which earns 0.8 percent per month, are you a millionaire by age of 537 Part 1 IB Attempt 1/10 for 10 pts. Find out how much money you will have by age of 53. If that number is greater than one million, then you are a millionaire by that age. 1016140 Correct Future value of an ordinary annuity: t = 32.12 = 384 months FV = = ((1+r) 1) 400 (1.008384 - 1) 0.008 = 1,016,140 Using a financial calculator: Inputs Compute N I/Y PV PMT FV 384 0.8 0 -400 1,016,140 Using Excel (do not enter the thousands separators): =FV(rate, nper, prt) -FV(0.008, 384,-400) =1,016,140 Part 2 IB Attempt 2/10 for 9 pts. Find out how many months it takes to reach one million of saving. If the length of time is less than 32 years, then you shold be a millionaire by age of 53. Should give you the same conclusion as in Part 1. 0+ decimals Submit