How much do you have to save each month if you can earn an 11.1 percent annual r
ID: 2621497 • Letter: H
Question
How much do you have to save each month if you can earn an 11.1 percent annual return? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
How much do you have to save each month if you wait 10 years before you begin your deposits? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
How much do you have to save each month if you wait 20 years before you begin your deposits? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
You want to be a millionaire when you retire in 35 years.
Explanation / Answer
1). How much do you have to save each month if you can earn an 11.1 percent annual return? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Answer:
How much do you have to save each month if you wait 10 years before you begin your deposits? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Answer: $8608.14
How much do you have to save each month if you wait 20 years before you begin your deposits? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Answer: 28,833.75
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