If I want to retire in 30 years with a million dollars and I save $10,000 per year, what would the return(interest ) have to be in order for this to happen?
Useful equation: ![Future Value of an Annuity Formula [(1 + i) - 1] FVA Ordinary = P x (1 + i) - 1] x (1 + i) FVA Due = P x](http://img.homeworklib.com/questions/aba88600-05c2-11eb-b733-797174257357.png?x-oss-process=image/resize,w_560)
Homework Answers
Number of years =30
FV required at end of 30 years =1000000
PMT =10000
Rate of Return using financial calculator
N=30;PMT=10000;FV=-1000000;CPT I/Y =7.32%
Rate =7.32%
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