Mathematics, 04.07.2019 02:30 torichance6472
When you graduate college at the age of 20, you want to start saving up for retirement. if your investment pays a fixed apr of 9% and you want to have $2.5 million when you retire in 45 years, how much would you need to deposit, on a monthly basis, to reach this goal? assume an ordinary annuity. a. $339.55 c. $337.62 b. $338.41 d. $336.21
Answers: 2
![\text{FV of annuity}=P[\frac{(1+r)^n-1}{r}]](/tpl/images/0048/6064/238f8.png)
![\Rightarrow 2500000=P[\frac{(1+\frac{9}{1200})^{540}-1}{{\frac{9}{1200}}}]](/tpl/images/0048/6064/6daea.png)
![\Rightarrow P=\frac{2500000}{[\frac{(1+\frac{9}{1200})^{540}-1}{{\frac{9}{1200}}}]}](/tpl/images/0048/6064/89814.png)
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When you graduate college at the age of 20, you want to start saving up for retirement. if your inve...
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