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If Leon requires $1,000,000 to retire, how much does he need to save weekly for the...

If Leon requires $1,000,000 to retire, how much does he need to save weekly for the next 15 years to reach his goal if he has already saved $100,000 and his investments can earn 5% per year while compounding monthly?

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Function Arguments PMT Rate 15%/12 0.004166667 Nper 15 12 180 个 = -100000 个 = 1000000 - number Pv -100000 Fv 100000d Type -2950.475974 Calculates the payment for a loan based on constant payments and a constant interest rate. Fv is the future value, or a cash balance you want to attain after the last payment is made, 0 (zero) if omitted. Formula result = S (2,950.48 Help on this function OK Cancel

Hence, Required weekly payment is $737.62 ($2,950.48/4)

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