SOLUTION: How much should you invest each month in order to have $600,000 if your rate of return is 4.8% compounded monthly and you want to achieve your goal in 40 years? How much inter

Question 1061961: How much should you invest each month in order to have $600,000 if your rate of return is 4.8% compounded monthly and you want to achieve your goal in 40 years?

How much interest will you earn?

How much should you invest each month in order to have $600,000 if you want to achieve your goal in 20 years?

If you deposit the amount you need to achieve your goal in 20 years, how much will your savings be worth after 10 years?

Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
Plug your numbers into this formula:
800,000((0.053/12)/(((1+(0.053/12))^(12*40)-1) =
Use your calculator, and remember your order of operations, PEMDAS: Parenthesis, Exponents, Multiplication and Division (left to right), Addition and Subtraction (left to right).
NOTE: it's BODMAS in some countries outside of the U.S., it stands for Brackets first, Orders (i.e. Powers and Square Roots, etc.), DM Division and Multiplication (left-to-right), Addition and Subtraction (left-to-right)
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