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April 16, 2014

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

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