Suppose you want to have 600000 for retirement in 30 years Y

Suppose you want to have $600,000 for retirement in 30 years. Your account earns 10% interest. How much would you need to deposit in the account each month?

Present value = Future Value / (1+r)^t

Present Value= 600000/ (1+.10)³⁰

Present Value = $34423.41

Therefore, in order to get $600000 after 30 years @10% interest, One needs to deposit $34423.41 in a year .

Monthly = 34423.41/12 = $2868.6175

Suppose you want to have $600,000 for retirement in 30 years. Your account earns 10% interest. How much would you need to deposit in the account each month?Solu

Suppose you want to have 600000 for retirement in 30 years Y

Solution

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