Homework Answers
| Future value | 50,00,000 |
| Present value | 1,00,000 |
| Rate | 6% |
| Period | 30 |
| Excel formula | Monthly payment |
| =PMT(6%/12,30*12,100000,-5000000,0) | 4,377.98 |
| The amount of money you set aside each month $ 4,377.98 | |
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Assume that you are now 35 years old....
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10. Assume that you are now 25 years old. You would like to retire at age 65 and have a retirement fund of $5,000,000 at the time of your retirement. You have already $50,000 at age 25 in the retirement account. You expect to earn 7% per year. The amount of money you must set aside each month to reach your retirement goal is: A. $4,377.98 B. $1594.18 C. $3500.00 D. $2500.00
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Can you please solve these on Excel and show me how you solved
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