Joe and Becca have a goal of accumulating $1,000,000 by the time they retire in 40 years. They plan to set aside an equal amount of money at the end of each of the next 40 years. Their investment account is expected to pay 5% compounded annually. How much money must they set aside each year to reach their goal

Answer rating: 100% (QA)

To calculate the amount of money Joe and Becca need to set aside each year we can u... View the full answer