Question

randy hill wants to retire in 20 years with $1,000,000. if he can earn 10% per year on his investments, how much does he need to deposit each year to reach his goal? round your answer to the nearest dollar.

Answer 1

Randy hill wants to retire in 20 years with $1,000,000. if he can earn 10% per year on his investments, He needs to deposit $31,474 each year to reach his goal.

N = 15, I = 10, PV = 0, FV = 1,000,000. Solve for PMT: $31,474 (rounded).

investments are the determination of an asset to acquire an increase in value over a time period. investment calls for a sacrifice of some gift asset, which includes time, cash, or attempt. In finance, the motive of making an investment is to generate a return from the invested asset.

investment definition is an asset received or invested in to construct wealth and store money from the difficult earned profits or appreciation. funding that means is primarily to reap an extra supply of earnings or advantage benefit from the investment over a specific time period.

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