Using the information below, answer the following questions for Mike using excel: Retirement Income Need: 1,000,000...
Using the information below, answer the following questions for Mike using excel: Retirement Income Need: 1,000,000 Years Until Retirement: 30
If Mike can only deposit $350 on a monthly basis, what annual rate would he have to receive to reach his goal?
Homework Answers
| FVOrdinary Annuity = C*(((1 + i )^n -1)/i) |
| C = Cash flow per period |
| i = interest rate |
| n = number of payments |
| 1000000= 350*(((1+ Interest rate/1200)^(30*12)-1)/(Interest rate/1200)) |
| Interest rate% = 11.09 |
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