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I am going to save 1,000,000 MNT every year for the next 30 years. If I...

I am going to save 1,000,000 MNT every year for the next 30 years. If I want to retire with 200,000,000 MNT when I retire in 30 years from now, how much money should I have right now (in addition to the annual saving) if the annual interest rate is 15%?

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Answer #1

Using financial calculator to find the present value of savings

Inputs: FV = 200,000,000

N = 30

I/y = 15%

Pmt = 1,000,000

Pv = compute

We get, Pv = 9,586,590.54 MNT

At present , I should have 9,586,590.54 MNT to retire with 200,000,000MNT after 30 years.

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