Answered: You will deposit $30,000 per year into…

You will deposit $30,000 per year into an account beginning today that pays 13 percent per year. How long (in years) would it take for you want have a total of $1,000,000 at retirement?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 22P

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You will deposit $30,000 per year into an account beginning today that pays 13 percent per year. How long (in years) would it take for you want have a total of $1,000,000 at retirement?

Nper (or N) =n*m

Rate (or I/Y)=i/m

PMT

Identify variables and use excel

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