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You have just started your first job and are already planning for retirement. You plan on retiring in 31 years. To support your lifestyle you will need to have saved $1,980,000 at the time of your retirement. Your retirement account promises a 10% return compounded annually. How much would you need to deposit each year to reach your goal? Assume that you will make equal deposits each year.

Respuesta :

Answer:

$10,883

Explanation:

n = 31 years

Future value (FV) = 1,980,000 (The amount you need in 31 years for retirement)

i/r = 10% (given)

Present value (PV) = 0 (You have just started your job and have not reserved any amounts for retirement)

PMT (Monthly deposit needed) = ?

By using financial calculator, PMT = $10,883

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