Question
In: Finance
you dont plan on working a majority of your life before retiring, as your parents are...
you
dont plan on working a majority of your life before retiring, as
your parents are doing instead you believe a 20 year working career
is sufficient to accumulate a retirement account value of $2
million. If you start today, how much will you have deposit each
month to reach $2 million at retirement assume you will average a
7% annual rate of return and deposits will be made at the end of
each month
Solutions
Expert Solution
Ans:- we will use the PMT function of excel to find the monthly deposit.
For PMT, Rate=7%/12, Nper=12*20=240, PV=0, FV=-$2,000,000.
Therefore, the monthly deposit to accumulate $2 million should be approx $3,839.31.
jeff jeffy answered 2 years agoRelated Solutions
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