You want to have $600,000 when you retire in 10 years. If you can earn 8% interest compounded monthly, how much would you need to deposit no

Question

You want to have $600,000 when you retire in 10 years. If you can earn 8% interest compounded monthly, how much would you need to deposit now into the account to reach your retirement goal?

in progress 0
Maria 7 days 2021-10-12T07:17:39+00:00 1 Answer 0

Answers ( )

    0
    2021-10-12T07:18:42+00:00

    Answer:

      $270,314.08

    Step-by-step explanation:

    The multiplier each month is 1+0.08/12 ≈ 1.0066667, so after 120 months, the amount is multiplied by (1.0066667)^120 ≈ 2.2196402. The amount needed is …

      $600,000/2.2196402 ≈ $270,314.08

Leave an answer

Browse
Browse

27:3+15-4x7+3-1=? ( )