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monsterenergy19
26.12.2019 •
Business
You want to have $1,000,000, 25 years from today. assuming a 7% annual return (which will be compounded monthly), how much do you need to invest each month in order to have the $1,000,000 in 25 years?
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Ответ:
Monthly payments = $1,234.54
Explanation:
given data
Future value = $1,000,000
time = 25 year = 25 × 12 = 300 months
rate = 7 % annual =
= 0.5833% monthly
to find out
Monthly payments
solution
we will apply here future value formula that is express as
Future value = Monthly payments ×
..........1
put here value we get
Future value = Monthly payments ×![\frac{(1+rate)^{time} - 1}{rate}](/tpl/images/0433/3889/a6b6f.png)
1,000,000 = Monthly payments ×![\frac{(1+0.005833)^{300} - 1}{0.005833}](/tpl/images/0433/3889/52523.png)
solve it we get
Monthly payments = $1,234.54
Ответ: