In 40 years, when you retire, you dream about having $2,000,000 to travel around the world. You open an investment account that promises to pay 12% per year compounded monthly. How much money must you deposit each month, starting this month and ending in 40 years, so you can finance your dream?

Answer rating: 100% (QA)

To calculate the monthly deposit needed to finance your dream of 2000000 in ... View the full answer