Ask Question
7 August, 06:59

How much will you need to invest each month over the next 30 years in order to meet your savings goal of $750,000, assuming you average a 7% real rate of return each year?

+3
Answers (1)
  1. 7 August, 08:40
    0
    Rate = 7% / 12 = 0.5833% (monthly)

    Savings goal, FV = $750,000

    Number of periods = 30 * 12 = 360

    Future value = Monthly payments * [ (1 + r) ^n - 1] / r

    750,000 = Monthly payments * [ (1 + 0.005833) ^360 - 1] / 0.005833

    750,000 = Monthly payments * 1,219.874713

    Monthly payments = $614.82
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “How much will you need to invest each month over the next 30 years in order to meet your savings goal of $750,000, assuming you average a ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers