In: Finance
Rate of Return = 6% , Future Value = $1300000 , n = 35 years , Present Value = $(1300000)/(1+6%)^35 = $ 169136.78 , We already have $ 10000 saved so using the funtion in excel pmt we will solve the problem giving the above inputs PV = 159136.78 , N=35 , Rate of Interest = 6% Therefore
=PMT(6%,35,159136.8) |
= $ 10976.28 yearly