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AfilCa [17]
2 years ago
14

At age 37 you start saving for retirement if your investment plan pays an APR of 6% and you want to have $.09 million when you r

etire in 28 years, how much should you deposit monthly?
Business
1 answer:
r-ruslan [8.4K]2 years ago
7 0

Answer:

Monthly deposit= $1,036.116

Explanation:

Giving the following information:

Future Value (FV)= $900,000

Number of periods= 28*12= 336 months

Interest rate (i)= 6% = 0.06/12= 0.005

<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= {900,000*0.005) / [(1.005^336) - 1]

A= $1,036.116

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1 year ago
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9,315

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