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btcastongia
17.12.2020 •
Business
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 retire in 28 years, how much should you deposit monthly?
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Ответ:
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
To calculate the monthly deposit, we need to use the following formula:
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
Ответ:
The median side