A young professional wishes to have $730000 in her retirement account. She invests $900 monthly in the account which earns 11.5%

Question

2 years ago

10

annually. Find the number of payments needed to reach her goal.

1 answer:

Vikki [24] · Answer 1 · 2023-02-03T11:05:32+03:00

Based on the amount that she invests monthly, the interest rate, and the targeted retirement amount, the number of payments would be 42 payments.

<h3>How many payments should the young professional make?</h3>

The number of payments will be the same as the number of months/ periods because that is the frequency of payment.

The number of payments can therefore be found by the NPER formula on a Spreadsheet:

Rate = 11.5%

Pmt = -900

PV = Empty

FV = 730,000

Number of payments is:

= 41.76

= 42 payments.

Find out more on number of periods of payments at brainly.com/question/6819835.