Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. your goal is to build a nest egg of $1m over the n

Your goal is to build a nest egg of $1M over the next 30 years,...

70.2K

Verified Solution

Question

Finance

Your goal is to build a nest egg of $1M over the next 30 years, then retire and live from the interest that you earn on your $1 million nest egg. If the interest rate is 6%, then you could withdraw $1M*6% = $60,000 per year forever. That would be really nice. How much do you have to save each year to build such a nest egg in 30 years? Enter your answer rounded to the nearest dollar (ex. $10,432.63 = 10,433)

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

Problem 15.61 Which of the following gives a buffer solution when equal volumes of the two...

Chemistry
Q

In the mechanism of action of peptide hormones which one is the next step that...

Biology
Q

Match the following wave quantities to the mini-definition.How fast the wave moves through the medium.How...

Physics
Q

Example 9 22 A solid flywheel of 20 kg mass and 120 mm radius revolves...

Physics
Q

2 A system of forces is shown in the following figure F2 F Z 10...

Physics
Q

When the Cartesian coordinate system is used to describe three dimensiona space one needs three...

Geometry
Q

The volume of a cantaloupe is approximated by V The radius is growing at the...

Calculus
Q

Required information The following information applies...

Accounting
Q

Identify any permanent differences that Woolworths may have.

Accounting
Q

-Szymon exchanges land held as an investment with a $75,000 basis for other land with...

Accounting
Q

a) Suppose the Government of Canada buys $12 million worth of equipment from private firms...

Accounting
Q

Provide the missing data in the following table for a distributor of martial arts products:...

Accounting