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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?

Essentials Of Investments
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
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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?
Transcribed Image Text: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?
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