You want to be a millionaire when you retire in 40 years. a. How much do you have to save each month if you can earn an annual return of 11.7 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much do you have to save each month if you wait 15 years before you begin your deposits? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much do you have to save each month if you wait 25 years before you begin your deposits? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Savings per month starting today Savings per month starting in 15 years c. Savings per month starting in 25 years
You want to be a millionaire when you retire in 40 years. a. How much do you have to save each month if you can earn an annual return of 11.7 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much do you have to save each month if you wait 15 years before you begin your deposits? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much do you have to save each month if you wait 25 years before you begin your deposits? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Savings per month starting today Savings per month starting in 15 years c. Savings per month starting in 25 years
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 want to be a millionaire when you retire in 40 years.
a. How much do you have to save each month if you can earn an annual return
of 11.7 percent? (Do not round intermediate calculations and round your
answer to 2 decimal places, e.g., 32.16.)
b. How much do you have to save each month if you wait 15 years before you
begin your deposits? (Do not round intermediate calculations and round
your answer to 2 decimal places, e.g., 32.16.)
c. How much do you have to save each month if you wait 25 years before you
begin your deposits? (Do not round intermediate calculations and round
your answer to 2 decimal places, e.g., 32.16.)
а.
Savings per month starting today
b.
Savings per month starting in 15 years
с.
Savings per month starting in 25 years
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