Suppose you want to have $800,000 for retirement in 20 years. Your account earns 7% interest. How much would you need to deposit in the account each month?
Added by Brian C.
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The formula for the future value of an ordinary annuity is: FV = P * [(1 + r/n)^(nt) - 1] / (r/n) where: FV = future value P = monthly deposit r = annual interest rate n = number of times the interest is compounded per year t = number of years In this case, we Show more…
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