You want to retire exactly 30 years from today with $1,980,000 in your retirement account. If you think you can earn an interest rate of 10.19 percent compounded monthly, how much must you deposit each month to fund your retirement?

$841

Explanation:

Let the amount of deposit you need to fund each month is a

n= 30 years = 30 x 12 = 360 months

The amount of money you desire to have in 30 years (FV) = $1,980,000

i/r = 10.19%/year = 0.849%/month

Based on these given information, you can either choose to:

1) Solve the following equation:

a x 1.00849^360 + a x 1.00849 ^359 + a x 1.00849^358 + ... + a x 1.00849^1 + a = $1,980,000

2) Input given information into excel/financial calculator:

n = 360

FV = $1,980,000

i/r = 0.849

PV = 0

Find PMT (a). PMT (a) = $841

idk the answer so dont listen to me but 23

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