Mark Weeden figures he has a good 50 years ahead of him to work before he...

Mark Weeden figures he has a good 50 years ahead of him to work before he retires. He would like to have $1 million ($1,000,000) as a “nest egg” account for when he retires. Knowing this he would like to set up this account now, how much money does he need to put in this account today assuming it will earn him a 6% return every year?

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Expert Solution

Calculating Amount required today,

Amount Required = 1,000,000/(1.06)⁵⁰

Amount Required = $54,288.36

jeff jeffy answered 2 years ago

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