How much would need to be contributed each year for 30 years to accumulate $1,300,000 assuming...

How much would need to be contributed each year for 30 years to accumulate $1,300,000 assuming a return on the investments of 8 percent? Round to the nearest dollar if needed.

Expert Solution

Future value = Annuity * [(1 + r)^n - 1] / r

1,300,000 = Annuity * [(1 + 0.08)^30 - 1] / 0.08

1,300,000 = Annuity * [10.062657 - 1] / 0.08

1,300,000 = Annuity * 113.283211

Annuity = 11,476

You would need to contribute $11,476

jeff jeffy answered 2 years ago

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