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Natalija [7]
3 years ago
5

Miguel, a recent​ 22-year old college​ graduate, wants to retire a millionaire. How much will he need to set aside annually to a

chieve his​ goal, assuming he plans to retire at 65 and he can earn a 10​% annual return on his​ investment?
Business
1 answer:
olga55 [171]3 years ago
3 0

Answer

Miguel must set aside $62,745 annually

Explanation

N = Number of years till Miguel would retire = 43 years

FV = Future Value = $1,000,000

r = Interest rate = 10%

PMT = Annual payments (at the ending of the year) = ?? The question asks us to calculate this

We would use the future value ordinary annuity formula to calculate PMT

FV = PMT [\frac{(1+r )^{N} -1}{r} ]

1000000 = PMT [\frac{(1+0.10 )^{10} -1}{0.10} ]

PMT ≅ $62,745

Miguel must set aside $62,745 annually

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