June wants to have $2,000,000 for her retirement in 30 years. How much should she save...
June wants to have $2,000,000 for her retirement in 30 years. How much should she save annually if she thinks she can earn 10% on her investments?
Homework Answers
June save money at the end of every year
So,future value of annuity =P((1+r)^n -1)/r
$2,000,000=P((1.10)^30 -1)/0.10
P=2,000,000×0.10 /((1.10)^30 -1)
P= $12,158.79
Where P i's annual savings
r =rate of interest
n =number of years
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