When you retire, you'd like to have $3m saved up. Assuming you start with $1,000 and...

   

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When you retire, you'd like to have $3m saved up. Assuming you start with $1,000 and can earn 8% compounded monthly on your savings, how much do you need to save each month to accomplish your goal if you plan to work for 46 years? What is the monthly impact if you start your retirement planning with $2,000 instead of $1,000? When you retire, you'd like to have $3m saved up. Assuming you start with $1,000 and can earn 8% compounded monthly on your savings, how much do you need to save each month to accomplish your goal if you plan to work for 46 years? What is the monthly impact if you start your retirement planning with $2,000 instead of $1,000?

Answer rating: 100% (QA)

To calculate the amount you need to save each month to reach your retirement goal we can use the fut... View the full answer