Saturday
November 29, 2014

Homework Help: finance

Posted by priya on Monday, November 2, 2009 at 2:17pm.

You want to accumulate $1,000,000 in retirement funds by your 65th birthday. Today is your 30th birthday, and you plan on making annual investments into a mutual fund that you project will earn a 10% annual rate of return. Your first deposit will take place today and your last deposit will take place on your 65th birthday. What is the amount of the annual payment you must make each year in order to have $1,000,000 in your account on the day you make your last deposit - that is, on your 65th birthday?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Finance - 8. Assume you just turned 28. You want to accumulate $3.5 million by ...
Finance - Simon wishes to have $400,000 in a retirement fund 20 years from now. ...
math - Saving for retirement by contributing the same amount each month from ...
Math - Starting on her 21st birthday and continuing on every birthday up to and...
Finance - On August 1, 2005 you invested $3,000 into a mutual fund. You then ...
Algebra investment - An investor had a total of 25,000 put into a portfolio of ...
Finance - Which of the following is true about hedge funds? A) They are heavily ...
value of money - You want to have $1,000,000 in your bank account when you turn ...
finance - You are 25 years old and inherit $65,000 from your grandmother. If you...
corporate finance - 1)You have just turned 30 years old, have just received your...

Search
Members