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Assume you want to have $2,000,000 for your retirement when you are 65 years old. You are 25 years old now. Assume your salary is $5,500 per month and your employer will contribute 4% of your monthly salary to your retirement account every month.

How much will you need to contribute to your account every month in order to have 2,000,000 when you retire at the age of 65? Assume APR of 5%

Answer rating: 100% (QA)

To calculate the monthly contribution needed to reach 2000000 by the age of 65 we can use the Excel ... View the full answer