How much would you need to deposit every month in an account paying 6% per year to accumulate $1,000,000 by age 65 starting when you are 20 years old?

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asked Apr 8, 2024 219k views

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Xiotee · Answer 1 · 2024-04-12T19:23:39+0000

Assuming monthly compounding and a retirement age of 65, you would need to deposit approximately $1,044.62 per month in an account paying 6% per year to accumulate $1,000,000 by age 65 starting when you are 20 years old.

How much would you need to deposit every month in an account paying 6% per year to accumulate $1,000,000 by age 65 starting when you are 20 years old?

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