If you invest $1,000 every month and earn 12% APR compounded monthly, how many deposits must...
If you invest $1,000 every month and earn 12% APR compounded monthly, how many deposits must you make before you can start withdrawing $1,000 every month forever...assuming you live that long? Please answer using a financial calculator.
Homework Answers
| Step 1 | Enter | 0 |
| Step 2 | Press | PV |
| Step 3 | Enter | 1 |
| Step 4 | Press | I/Y |
| Step 5 | Enter | 100000 |
| Step 6 | Press | FV |
| Step 7 | Enter | -1000 |
| Step 8 | Press | PMT |
| Step 7 | Press | CPT |
| Step 8 | Press | N |
| Months | 70 | |
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If you invest $1,000 every month and earn 12% APR compounded
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If you earn 6.6% APR on your savings account compounded weekly, then how many years will it take for your balance of $1,000 to double to $2,000? Assume 52 weeks in a year. (What numbers do I put in for N, I/Y, PV, PMT and FV into the financial calculator?)
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