Question
Suppose your personal financial goal is to retire with at least a million dollars in your savings account in 43 years. How much must
Suppose your personal financial goal is to retire with at least a million dollars in your savings account in 43 years. How much must you deposit monthly in an account paying 5.94% a year (with interest being compounded monthly and your deposits occurring at the end of the month), to accumulate $1,509,899 by your 65th birthday (43 years from now)? (Note: Assume that you started with no savings in the account prior to your first deposit.)
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Foundations of Finance The Logic and Practice of Financial Management
Authors: Arthur J. Keown, John D. Martin, J. William Petty
8th edition
132994879, 978-0132994873
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