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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.
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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 agoRelated Solutions
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You are saving for retirement. Starting this month, you will deposit $600 per month into a...
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deposit $600 per month into a stock account that earns 9% interest.
In ten years, you will begin depositing an additional $350 per
month into a bond account that earns 6% interest. You expect
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