You have decided that you want to be a millionaire when you retire in 44 years.

Question

You have decided that you want to be a millionaire when you retire in 44 years.



If you can earn an 11.30 percent annual return, how much do you have to invest today? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)



What if you can earn 5.65 percent? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Explanation / Answer

N=44 PV=0 I=.113 PMT=? FV=1000000 I get -964.3402561 = PMT (you pay that much each year) -5,524.67 = PMT.

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