While the ability to become a millionaire may seem far-fetched it is possible to get there if you create a plan from an early enough age. Using the Savings Plan Formula, find a strategy to become a millionaire assuming you are making monthly payments towards saving for your retirement. In order to receive full credit for this assignment, you must complete the following tasks.
1. Provide us with the number of years until you expect to retire along with the annual interest rate you are expecting to receive during those years (from a historical perspective the S&P 500 has a historical annual rate of return around 7%).

2. Given the a aforementioned information, determine the monthly payment you will need to make in order to become a millionaire by your target retirement date.

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1 The number of years until i expect to retire is 40 years And the expected ... View the full answer