Register
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
208k views
5 votes
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.

User EarGrowth
by
3.6k points

1 Answer

3 votes

Answer:

$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.

User Michael Rowe
by
3.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

3.5m questions

4.4m answers

Other Questions

How can expansionary​ expenditure-based fiscal policy lead to crowding out in the​ economy? A. ​Expenditure-based fiscal policy increases the national​ debt, inducing​ forward-looking households and firms
Stevenson Company purchased equipment for $250,000 on January 1, 2010. The estimated salvage value is $50,000, and the estimated useful life is 5 years. The straight-line method is used for depreciation.
In order to attract younger customers to the Lacoste brand of clothing, CEO Robert Siegel made all of the major decisions in product planning, distribution, and promotion. He asked for no input from his
Andrew doesn’t want to spend a lot of money on student loans, and does not qualify for grants. what is his best option for affording a bachelors degree
The method of appraisal in which the appraiser estimates the replacement cost of the building, deducts depreciation, and adds the value of the site is:________
Link Copied!