Question
Your birthday is on the 10/10/1999 . You already have $200000 in an account that earns 8% per year, compounded monthly. You want to have
Your birthday is on the 10/10/1999 . You already have $200000 in an account that earns 8% per year, compounded monthly. You want to have $1,000,000 in this account on your 35th birthday.
a-After how many months will you turn 35 years starting end of March(ignore days)?
b-At what age will you have the 1,000,000 if you put no more money in the account than the $200000 you already have?
c-How much will you have to put each month beginning end of March 2021 and until you turn 35 in order to have the 1,000,000 provided that you have $200,000 that you will continue to save in the same account.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started