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11111nata11111 [884]
3 years ago
9

Mr. Baxter IV, would like to retire in 26 years. He would like to accumulate $1,500,000 at the time of retirement to live a cont

ented life. He would like set aside equal amount each month to achieve his goal. What is the monthly amount he should save if he can invest them at an interest rate of 11.1% [Annual rate]. [Assume monthly compounding]
Business
1 answer:
Vinvika [58]3 years ago
6 0

Answer:

Monthly deposit=  $840.74

Explanation:

Giving the following information:

Number of periods= 26*12= 312 months

Future Value= $1,500,000

Interste rate= 0.11/12= 0.0092

<u>To calculate the monthly deposit, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (1,500,000*0.0092) / [(1.0092^312) - 1]

A= $840.74

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