Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. how much do i need to save per month (at the end o

How much do I need to save per month (at the end of each month)...

80.2K

Verified Solution

Question

Accounting

How much do I need to save per month (at the end of each month) in an investment earning 7% per year now to reach the amount in 2,674,050.66 by age 65?
Future Value =2,674,050.66
I = Annual Earnings Rate of 7%/12=0.5833% per month
N =516 months until I retire
PV =0

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The City of Pomona (CA) has a population of 152,361. According to the data from 2017...

Civil Engineering
Q

In thinking about child rearing, what parenting style did your parents or guardians use with you?...

Psychology
Q

to the figure of the eight chromatids of two pairs of replicated homologous chromosomes: a...

Biology
Q

Two identical bar magnets are fixed with their centres at a distance d apart A...

Physics
Q

x L Calculate the potential at point P 0 y Calculate the electric field at...

Physics
Q

51 ALLOCATION OF LABOR Using x hours of skilled labor and y hours of unskilled...

Basic Math
Q

There are five cats and seven dogs in a pet shop Four pets are chosen...

Basic Math
Q

What will the balance of the Retained Earnings...

Accounting
Q

What key concept or technique from the weeks readings were you able...

Accounting
Q

Fred Miller, a teacher, had several additional sources of income during 2015. He received a...

Accounting
Q

Find the derivative of the following functions 5 i. f(x) = (5x + 3) :...

Accounting
Q

10) The condition for bond issued at a premium is that the market rate is...

Accounting