You are saving for retirement. To live comfortably, you decide you will need to save $1,800,000 by the time you are 66. Today is your 30th birthday, and you decide, starting today and continuing on every birthday up to and including your 66th birthday, that you will put the same amount into a savings account. If the interest rate is 9%, how much must you set aside each year to make sure that you will have $1,800,000 in the account on your 66th birthday? The amount to deposit each year is $ (Round to the nearest cent.) ...
You are saving for retirement. To live comfortably, you decide you will need to save $1,800,000 by the time you are 66. Today is your 30th birthday, and you decide, starting today and continuing on every birthday up to and including your 66th birthday, that you will put the same amount into a savings account. If the interest rate is 9%, how much must you set aside each year to make sure that you will have $1,800,000 in the account on your 66th birthday? The amount to deposit each year is $ (Round to the nearest cent.) ...
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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Transcribed Image Text:You are saving for retirement. To live comfortably, you decide you will need to save $1,800,000 by the time you are 66. Today is your 30th birthday, and you decide, starting today and continuing on
every birthday up to and including your 66th birthday, that you will put the same amount into a savings account. If the interest rate is 9%, how much must you set aside each year to make sure that
you will have $1,800,000 in the account on your 66th birthday?
The amount to deposit each year is $
(Round to the nearest cent.)
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