a) You would like to retire 30 years from now with $2 million dollars. If you...

a) You would like to retire 30 years from now with $2 million dollars. If you get a big inheritance now, how much money do you need to deposit now so that it grows to $2 million assuming an annual interest rate of 6% with interest compounded monthly?

b) Suppose in question a) that instead of a one-time payment, you want to save monthly for your retirement. How much should your monthly savings be with interest compounded monthly?

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jeff jeffy answered 1 year ago

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