Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How much do I need to save per month ( at the end of each month ) in an investment earning 7 % per year

How much do I need to save per month (at the end of each month) in an investment earning 7% per year now to reach the amount in 2,674,050.66 by age 65?
Future Value =2,674,050.66
I = Annual Earnings Rate of 7%/12=0.5833% per month
N =516 months until I retire
PV =0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Complete Guide To Property Finance

Authors: Richard W J Brown

1st Edition

1739832027, 978-1739832025

More Books

Students also viewed these Finance questions

Question

=+5.5. Suppose that X has mean m and variance o2.

Answered: 1 week ago