400,000 for retirement in 30 years the account earns 8% interest.
how would I need to deposit each month
how much interest will I earn?
Future Value (Required for retirement) = 400,000
Since monthly deposits
Time Period = 30 years * 12 = 360 months
Interest = 8%/12 = 0.6667%
Future Value = [(Monthly Deposit)*(1+interest%)^359]+[(Monthly Deposit)*(1+interest%)^358]+[(Monthly Deposit)*(1+interest%)^357]+[(Monthly Deposit)*(1+interest%)^356]+[(Monthly Deposit)*(1+interest%)^355]+[(Monthly Deposit)*(1+interest%)^354]+[(Monthly Deposit)*(1+interest%)^353]+...................................................+[(Monthly Deposit)*(1+interest%)^0]
400,000= ((Monthly Deposit)*(1.006667)^359)+((Monthly Deposit)*(1.006667)^358)+((Monthly Deposit)*(1.006667)^357)+((Monthly Deposit)*(1.006667)^356)+((Monthly Deposit)*(1.006667)^355)+((Monthly Deposit)*(1.006667)^354)+.....................................+((Monthly Deposit)*(1.006667)^0)
Monthly Deposit = 268.39
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