Question: How much does a 20 year old need to put up each month to have 1,500,000 in 45 years at 7.25% interest compounded monthly? How

How much does a 20 year old need to put up each month to have 1,500,000 in 45 years at 7.25% interest compounded monthly? How much of that amount is interest?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Technology Assignment 3: Investments It is January of 2010, and three friends decide to start investing for their retirements. Ron says, "I don't trust banks, but I'm going to start putting away $100...

Choose the correct multiple choice questions. No Explanation 1.You inherited a parcel of land that was worth $10,000 10 years ago. If the value of the land increases by an expect 12% annual rate, how...

Please use excel to answer the following questions Calculate the present value of 120 monthly payments of $500 at an annual rate of 12%. The payments are made at the end of each month. You are...

HOMEWORK #3 Time Value of Money Pease se Excelb answerthe folbwing queslions. Aaswer each queslion in the space provided. Calculate the present value of 120 monthly payments of $3,000 at an annual...

QUESTION 7 A company is evaluating the replacement of an old machine with a new one. Last year the company tired a consultant to conduct a feasibility study about this replacement project, which cost...

Instructions: Circle the letter that corresponds with the correct answer for each question. Questions 1-16 is worth 2 marks each. Question 17 and 18 are worth 4 marks each At what rate must $400 be...

CHAPTER 14 QUESTIONS TAKE HOME - 10 points Answer these questions on a separate sheet of paper, showing all your work 1.Monique deposited $12,500 into a savings account paying 6.5% annual interest...

SHOW WORK!! 1.Monique deposited $12,500 into a savings account paying 6.5% annual interest compounded monthly. What amount will she have in her account after 3 years? 2.Susan and Kim are twin...

Imagine a dollar amount that you think you could afford to consistently deposit into such an investment account each month, and that the investment account consistently pays 6% interest, compounded...

1. An independent film maker is considering producing a new movie. The initial cost for making this movie will be $20 million today. Once the movie is completed, in one year, the movie will be sold...

Apple Inc. is an American multinational technology company that specializes in consumer electronics, computer software, and online services. Apple is the world's largest technology company by revenue...

Penguin Pucks, Inc., has current assets of $4,800, net fixed assets of $27,500, current liabilities of $4,200, and long-term debt of $10,500. What is the value of the shareholders equity account for...

content area top Part 1 Use PMT equals StartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis Over left bracket 1 minus left parenthesis 1 plus StartFraction r...

Zoom Corporation manufactures and sells three different types of binoculars. They are referred to as Good, Better, and Best binoculars. Grinding and polishing time is limited. More time is required...