Question

how much would you have to start saving per year if you wanted your 401(k)’s future...

how much would you have to start saving per year if you wanted your 401(k)’s future value to be $1,500,000 by the time you want to retire?

FV = 1,500,000

I = 8%

PV = 50,000

N = 35 years

PMT = ?

0 0
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Answer #1

Function Arguments ? X PMT Rate 8% 1 = 0.08 Nper 35 1 = 35 Pv -50000 1 11 -50000 FV 1500000 1 II 1500000 Type o 1 II 0 Il -44

Hence, saving per year should be $4,414.73

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