You want to retire exactly 30 years from today with $1,950,000 in your retirement account. If you think you can earn an interest rate on 10.07 percent compounded monthly, how much must you deposit each month to fund your retirement

Monthy deposit= $849.78

Explanation:

Giving the following information:

Future value (FV)= $1,950,000

Number fo periods (n)= 30*12= 360

Interest rate (i)= 0.1007/12= 0.008392

To calculate the monthly deposit, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (1,950,000*0.008392) / [(1.008392^360) - 1]

A= $849.78

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%

answer; organizational;