You plan to retire with $8,000,000 in 38 years. How much should you deposit each month...
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You plan to retire with $8,000,000 in 38 years. How much should you deposit each month into an account that pays 9% annual rate compounded monthly? (Note: Compounding frequency is the same as the deposit frequency. Answers are rounded.)
$2,056
$1,080
$1,198
$1,124
$1,276
$1,709
Homework Answers
Future value=$8000000
Present value=$0
Monthly interest rate=(9%)/2=0.045
Time period=38 years
When the interest rate is compounded monthly, the number of
periods=38*12=456
We can calculate the monthly payment or deposit using excel.
Hence, the monthly deposit is $2056 (Rounded to the nearest whole number)
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