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