5. If your working career is 540 months and you want to have a million dollars in your retirement account by the end of your working career, what starting monthly salary do you need if you save 9% of your salary each month and your salary increases by 3% annually? Assume a 7% interest rate.

5. If your working career is 540 months and you want to have a million dollars in your retirement account by the end of your working career, what starting monthly salary do you need if you save 9% of your salary each month and your salary increases by 3% annually? Assume a 7% interest rate.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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5. If your working career is 540 months and you want to have a million dollars in
your retirement account by the end of your working career, what starting monthly
salary do you need if you save 9% of your salary each month and your salary
increases by 3% annually? Assume a 7% interest rate.

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