posted by Salvador on .
Justice wants to invest in a mutual fund for her retireme. If she expects to make 17% annually and wants to retire in 35 years, how much money must she invest per month to have 5 million dollars when she retires?
Amount = A
Use the compound interest formula
A=20533.59 (per year)
1711.13 per month.
Note: there hasn't been an interest rate as high as 17% for the past thirty years of so in North America.