SOLUTION: if you deposit $400 each month into a retirement account that earns 6% interest rate. Compounded monthly, how long will it take to have $1,000,000 to retire with?

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Question 1140932: if you deposit $400 each month into a retirement account that earns 6% interest rate. Compounded monthly, how long will it take to have $1,000,000 to retire with?
Answer by greenestamps(13195) About Me  (Show Source):
You can put this solution on YOUR website!


A+=+P%28%28%281%2Bi%29%5En-1%29%2Fi%29

A = future value
P = amount of regular contribution
i = periodic interest rate (annual interest rate, divided by the number of compounding periods per year)
n = number of periods

1000000+=+400%28%281%2B.06%2F12%29%5En-1%29%29%2F%28.06%2F12%29

Use a calculator....