Mr. Ky would like to retire in 20 years. At the time of his retirement, he...
Mr. Ky would like to retire in 20 years. At the time of his retirement, he is planning on purchasing an Oceanside condo that is estimated to cost $3 million dollars 20 years from now. How much should Mr. Ky save each month to achieve his goal if the annual interest he can earn is 8 percent?
Homework Answers
| FVOrdinary Annuity = C*(((1 + i )^n -1)/i) |
| C = Cash flow per period |
| i = interest rate |
| n = number of payments |
| 3000000= Cash Flow*(((1+ 8/1200)^(20*12)-1)/(8/1200)) |
| Cash Flow = 5093.2 |
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