SOLUTION: A. 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?
B. How much i
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B. How much i
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Question 1061933: A. 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?
B. How much interest will you earn?
C. If you deposit the amount you need to achieve your goal in 20 years, how much will your savings be worth after 10 years?
You can put this solution on YOUR website! I've answered this question a bunch of times. Here is the formula, plug in your numbers and use your calculator to solve:
800,000((0.053/12)/(((1+(0.053/12))^(12*40)-1) =
