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You enrolled in your firms retirement plan and want to retire in exactly 44 years. you plan to have 2,250,000 in your retirement account at
You enrolled in your firms retirement plan and want to retire in exactly 44 years. you plan to have 2,250,000 in your retirement account at that time. if you can earn an interest rate of 9.65 percent, compounded monthly, how much would you need to deposit into the account at the end of each month to meet your goal?
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To solve the problem we need to use the formula for the future value of an ordinary annuity FV PMT 1 ...
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