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Starting at age 20, how much money will randy have to invest each month into a...

Starting at age 20, how much money will randy have to invest each month into a Roth IRA in order to have a million dollars by age 65 ? His starting balance is zero

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Expert Solution

For randy to become a million dollars she should start investing approximately $320 dollars per annum from the age 20. So that she can achieve her goal of million dollars at the age of 65. This is at 6% rate of return per annum. If rate of return changes her investment also changes.

jeff jeffy answered 2 years ago
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