10. Assume that you are now 25 years old. You would like to retire at age...
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
Homework Answers
The amount of money you must set aside each month is calculated using the PMT function as follows:
=PMT(rate,nper,pv,fv)
=PMT(7%/12,40*12,50000,-5000000)
=1594.18
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