You want to be a millionaire when you retire in 35 years. How much do you have t

Question

You want to be a millionaire when you retire in 35 years. How much do you have to save each month if you can earn an 10.9 percent annual return? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Savings per month $ How much do you have to save each month if you wait 15 years before you begin your deposits? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Savings per month $ How much do you have to save each month if you wait 25 years before you begin your deposits? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Savings per month $

Explanation / Answer

All Amounts in $ We need to calculate the present value of $ 1,000,000 at different time intervals ($ 1,000,000 is the future value) For 35 years $ 22,420.54 For 15 years $ 196,396.63 For 25 years $ 66,357.51

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