You are trying to save for retirement and want to have $500,000 (fv) when you turn 65 years old (currently you are 25 so 40 yr period). If you put in $10,000 and earn an interest rate of 22% annually what would be the needed amount of your yearly contribution to your retirement to reach your goal?
You are trying to save for retirement and want to have $500,000 (fv) when you turn 65 years old (currently you are 25 so 40 yr period). If you put in $10,000 and earn an interest rate of 22% annually what would be the needed amount of your yearly contribution to your retirement to reach your goal?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 10P
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