Heyyyy i ain’t a boy but i am a girl in need of help for science ahah
Answer:
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Step-by-step explanation:
1000
^3rad? should be equal to 10. So, 10^3 is equal to 1000
$662.18 needs to be saved per month.
$90,000 now at 3% inflation will become 90000*1.03^30 after 30 years.
i.e. $218,454 is required in retirement years (for 20 years)
Calculating the PV of these payments at 7% is calculated as below.
FV = 0
1/y = 7%
n=20; PMT = 218454; calculate PV = $2,314,305
Now we want to get $2,314,305 at the start of retirement by saving per year. Enter the following in the financial calculator to get the per month amount.
FV = 2314305; PV = 0; n= 12*30; 1/y = 12%/12; calculate PMT = $662.18
So $662.18 needs to be saved per month.
Learn more about inflation here: brainly.com/question/8149429
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