Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I would like to have $ 3 . 7 5 million in my retirement account by the time I retire in 3 0 years. I

I would like to have $3.75 million in my retirement account by the time I retire in 30 years. I am currently 35 years old and currently have $150,000 in my account, so I've got a loooong way to go.
How much do I need to deposit into my account every month to reach my goal, if I assume an 8.2% APR interest rate, compounded monthly?

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

Step: 3

blur-text-image

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

Financial Management For Public, Health, And Not-for-Profit Organizations

Authors: Steven A. FinklerDaniel L. Smith, Thad D. Calabrese

6th Edition

978-1506396811, 150639681X

More Books

Students also viewed these Finance questions

Question

=+a. Write two different, but related, headlines.

Answered: 1 week ago