Example of a Long-Term Goal: Beginning January 2020, contribute $600 per month (2,000 per year) to...

Example of a Long-Term Goal: Beginning January 2020, contribute $600 per month (2,000 per year) to my Roth IRA for 40 years earning a rate of 8% per year for an ending balance of $518,113 on December 31, 2060. (This example used a time value of money calculation of N = 40, PMT = 2000, I = 8%)

Based upon this example, create two other long term goals.

Expert Solution

Goal 1: Beginning January 2020, contribute $500 per month (6,000 per year) to my Roth IRA for 35 years earning a rate of 6% per year for an ending balance of 668608.679 on December 31, 2060. (This example used a time value of money calculation of N = 35, PMT = 6000, I = 6%)

Goal 2: Beginning January 2020, contribute $1000 per month (12,000 per year) to my Roth IRA for 30 years earning a rate of 5% per year for an ending balance of 797266.170 on December 31, 2060. (This example used a time value of money calculation of N = 30, PMT = 12000, I = 5%)

jeff jeffy answered 2 years ago

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