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A 25 years old Engineer wants to retire at age 65 with $1,000,000 in his 401k account. If his  401K pays 6% interest per year, compounded monthly. What amount must be deposited  every month for 40 years?

A 25 years old Engineer wants to retire at age 65 with $1,000,000 in his 401k account. If his  401K pays 6% interest per year, compounded monthly. What amount must be deposited  every month for 40 years?

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.18E
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A 25 years old Engineer wants to retire at age 65 with $1,000,000 in his 401k account. If his  401K pays 6% interest per year, compounded monthly. What amount must be deposited  every month for 40 years? 

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