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Mike is currently 35 years old and plans on retiring at the age of 65. Ideally,...

Mike is currently 35 years old and plans on retiring at the age of 65. Ideally, Mike would like to retire with $1,000,000.00.

(Input all answers as positive values, no commas, with no symbols ex. no $ or %. Input all % answers as whole numbers without symbols ex. 10.03 for .1003. Input all final answers two decimal places out.)

If Mike can only find an annual return of 8% compounded on a monthly basis and can only deposit $400 every month, how much will he have once he retires?

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Expert Solution

Calculations -

As no method is metioned in the question ,I have solved the same with excel function.

Please upvote if the answer is helpful.In case of doubt,do comment.Thanks.

jeff jeffy answered 2 years ago
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