If you want to be a millionaire when you retire in 50 years, how much must you...

50.1K

Verified Solution

Question

Finance

Ifyou want to be a millionaire when you retire in 50 years, how muchmust you save each month if you can earn a 6% annual rate ofreturn?

what is the effective annual interest rate on theimvestment?
please use formula and show work

Answer & Explanation Solved by verified expert
4.2 Ratings (675 Votes)
SolutionGiven that Future Value 1000000 Numberof years 50 and rate ofreturn 6Since it is    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Ifyou want to be a millionaire when you retire in 50 years, how muchmust you save each month if you can earn a 6% annual rate ofreturn?what is the effective annual interest rate on theimvestment?please use formula and show work

Other questions asked by students