Tuesday
March 3, 2015

Homework Help: finance (saving for $1,000,000)

Posted by Jason on Friday, July 25, 2008 at 10:55am.

At age 5, how much would you have to save per month to have $1 million in your account at age 65, if your investment rate was 10% per year? Assume no taxes and compounding on a monthly basis.

I use my TI-83.....
N=(65-5)*12
I%=10%/12
PV=0
PMT=0
FV=1,000,000

I used the solver for PMT
PMT= -21.2302
FINAL ANSWER IS $21.23 per month.....the negative represents a out cashflow

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

finance - At age 5, how much would you have to save per month to have $1 million...
math 2 questions need help - At age 5, how much would you have to save per ...
math - At age 5, how much would you have to save per month to have $1 million in...
finance - Under normal conditions (70% probability), Financing Plan A will ...
finance (please review my thought process and ans) - 4. A conservative financing...
business finance - Your client is 40 years old, and she wants to begin saving ...
finance - Mrs. Kay who is 24 years old plans to retire at the age of 60. Mrs. ...
Finance (Engineering Economics) - You wish to retire at 60 and, at the end of ...
finance - Suppose that you are 25 years old and you have two options to save ...
Finance - Assume that you are 23 years old and that you place $3,000 year-end ...

Members