Question

Your investment goal is to have $3,000,000 in 40 years for retirement. you decide to invest in a mutual fund today that pays 12% per year compounded monthly. how much must you invest at the end of each month to meet your investment goal? round to the nearest $1.

Answer 1

$253 per month.

Step-by-step explanation:

$253 invested monthly with 12% interest compounded monthly over a 40 year period would net $3,006,255.90. $252 monthly would fall $6,000 short of the $3,000,000 goal.