SOLUTION: How much should you invest each month in order to have $800,000 if your rate of return is 5.3% compounded monthly and you want to achieve your goal in 40 years? How much interes

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Question 1061918: How much should you invest each month in order to have $800,000 if your rate of return is 5.3% 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 $800,000 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) About Me  (Show Source):
You can put this solution on YOUR website!
800,000
5.3% compounded monthly
time: 40 years
-.-.-.-.-.-.-.-.-
800,000((0.053/12)/(((1+(0.053/12))^(12*40)-1) = 484.53 is how much you should invest every month
With this information you can answer the other two questions yourself.
:
John