Assume the same facts as in previous question except that you waited 10 years to get...
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Assume the same facts as in previous question except that you |
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waited 10 years to get started. You still want to have the |
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goal of $1,000,000 at retirement. |
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The Formula for Sinking Fund factor is Find A given F (A/F) |
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at 9 % for 240 payments is: |
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i/[(1 + i)n - 1] |
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Where; i = .09/12 |
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and (1 + i)n = 6.00915152447 |
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What amount must you deposit into your savings account |
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monthly to get you to your goal of $1,000,000 at retirement? |
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| a. | $2,136.37 | ||
| b. | $1,248.10 | ||
| c. | $1,497.26 | ||
| d. | $1,125.82 |
Homework Answers
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