Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. if you want to be a millionaire when you retire in

If you want to be a millionaire when you retire in 50 years, how much must you...

50.1K

Verified Solution

Question

Finance

Ifyou want to be a millionaire when you retire in 50 years, how muchmust you save each month if you can earn a 6% annual rate ofreturn?

what is the effective annual interest rate on theimvestment?
please use formula and show work

Answer & Explanation Solved by verified expert
4.2 Ratings (675 Votes)
SolutionGiven that Future Value 1000000 Numberof years 50 and rate ofreturn 6Since it is    See Answer
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

Transcribed Image Text

Ifyou want to be a millionaire when you retire in 50 years, how muchmust you save each month if you can earn a 6% annual rate ofreturn?what is the effective annual interest rate on theimvestment?please use formula and show work

Other questions asked by students

Q

Which answer is the explicit rule for the sequence 11 8 5 6 3 5...

Algebra
Q

Explain the Schedule management in the manhattan project?

Operations Management
Q

Your task is to take the below code, and insert comments (using the “%” symbol) next...

Mechanical Engineering
Q

Which of the following is the characteristic symptom of myasthenia gravis A Abnormal fatigue involving...

Biology
Q

You suspect a patient may be experiencing a decreased in G cell activity. After conducting...

Biology
Q

5 A mass m moves in a circle on a smooth horizontal plane with velocity...

Physics
Q

7 11 482 10 386 6 262 8 6 313 8 289 9 10 527

Basic Math
Q

The following are the balances extracted from the Consolidated Fund of the Public Accounts for...

Accounting
Q

You own a home and are thinking of doing some home repairs. This year there...

Accounting
Q

Suppose you are 35 years old, and plan to retire in 30 years. You want...

Finance
Q

Explain why the ultimate tax treatment of Net 1231 Gains is more advantageous for flow...

Accounting
Q

Fighting Dyer Inc. had taxable income of $19.6 million. Calculate Fighting Dyer's federal income taxes...

Finance