Question
Your goal is to retire with an accumulated value of $2,000,000 in twenty years. You are able to earn a nominal interest rate of 7.2%
Your goal is to retire with an accumulated value of $2,000,000 in twenty years. You are able to earn a nominal interest rate of 7.2% convertible monthly. If you make monthly payments starting at the end of the first month that increase by $5 each month, what must the first payment be?
The answer is $3,288.35
Please show steps. NO Excel, just formulas. thanks
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Inside And Outside Liquidity
Authors: Bengt Holmstroem, Jean Tirole
1st Edition
0262518538, 9780262518536
