You want to retire in 40 years as a millionaire (i.e., to have $1,000,000). If 6% is the average rate of return on the investment during this time period, then how much should you invest per month starting at the end of this month? a. $702 b. $602 Oc. $802 d. $502

You want to retire in 40 years as a millionaire (i.e., to have $1,000,000). If 6% is the average rate of return on the investment during this time period, then how much should you invest per month starting at the end of this month? a. $702 b. $602 Oc. $802 d. $502

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 2P

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You want to retire in 40 years as a millionaire (i.e., to have $1,000,000). If 6% is the average rate of return on the investment during this
time period, then how much should you invest per month starting at the end of this month?
a. $702
b. $602
C. $802
d. $502

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