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You want to retire exactly 30 years from today with $1,980,000 in your retirement account. If you think you can earn an...

You want to retire exactly 30 years from today with $1,980,000 in your retirement account. If you think you can earn an interest rate of 10.19 percent compounded monthly, how much must you deposit each month to fund your retirement?

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Answer #1

Ans $ 94,326.17

FV = Future Value
PV = Present Value
r = rate of interest
n= no of period
PV = FV/ (1 + r )^n
PV = 1980000 / ((1 + 10.19%/12)^360)
PV = 94326.17
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