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You plan to save $600 a month for the next 30 years for retirement. What interest rate would you need to have $1,000,000 at retirement?

Need to solve for interest rate paying into an annuity using formula
P = d(((1+r/k)^(Nk) -1)/(r/k))
P = payout amount (1,000,000)
d = monthly deposit (600)
r = interest rate (unknown)
k = number of times per year interest is compounded (assumed to be the same as the deposit frequency = 12)
N = number of years (30)
PLEASE post steps for this. This is the last question on a set of math homework and I've been able to find no useful info on how to solve this.

User Ihough
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1 Answer

2 votes
600 x ( ) = 1,000,000
fill in the blank
User Leng Weh Seng
by
8.7k points

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