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please show step by step(no excel) Thank you! Mark wants to retire a millionaire. He decides at 25 years old that he will begin putung
please show step by step(no excel)
Mark wants to retire a millionaire. He decides at 25 years old that he will begin putung $500 per month into a ROTH IRA for the next 40 years, until he plans to retire at age 65. a. How much will Mark have in his ROTH IRA when he retires if he makes 6% on his account, net of fees of course? 0 PV= oFV= 0I= 0N= 0Pmt= Answer: $ AND Did Mark reach his goal? b. Let's assume Mark and his partner decide to combine investments and put $750 per month into an IRA account. They want to get their investment account to $1 million, then retire. Assuming Mark is still 25 and they earn the same 6% earnings rate on their investments. How many months (yrs) will it take to reach $1 million in value? OPV= FV= I= N= Pmt = Thank you!
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