The owner of Automobile Mart determines that she needs $2 million for retirement in 45 years...

The owner of Automobile Mart determines that she needs $2 million for retirement in 45 years (this figure is irrelevant of her selling the business or transferring ownership). How much of her salary does she need to save each year if her investment earns the S&P statistical annual average of 9.4%?

N=

I =

PV =

PMT =

FV =

P/Y =

Expert Solution

Calculating Annual Saving,

Using TVM Calculation,

PMT = [PV = 0, FV = 2,000,000 N = 45, I = 0.094]

PMT = $3,357.89

jeff jeffy answered 2 years ago

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