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We are considering the effects of starting early or late to save for retirement. Assume that...

We are considering the effects of starting early or late to save for retirement. Assume that each account considered has an APR of 6% compounded monthly. Against expert advice, you begin your retirement program at age 40. You plan to retire at the age of 65. What monthly contributions do you need to make to save up a nest egg of $187,799.63? (Round your answer to the nearest cent.)

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Answer #1

Monthly contributions needed to save the given amount is:-

=PMT(rate,nper,pv,fv)

=PMT(6%/12,25*12,,187799.63)

=271.00

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