Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i'm starting a retirement savings program and expe

I'm starting a retirement savings program and expect to need $2, 000, 000 in 40...

60.1K

Verified Solution

Question

Accounting

image

I'm starting a retirement savings program and expect to need $2, 000, 000 in 40 years. I begin with a deposit of $650 and then deposit $450 permonth at an interest rate of 0.5% per month. I also have a trust fund that will add $20, 000 to the fund at the end of the 7th year, what return is required (%/month) beginning in year 8 if my monthly deposit remains at $450? 0.7% 0.5% 0.6% 0.8%

Answer & Explanation Solved by verified expert
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

Other questions asked by students