Mike is currently 35 years old and plans on retiring at the age of 65. Ideally, Mike
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Question:
Mike is currently 35 years old and plans on retiring at the age of 65. Ideally, Mike would like to retire with $1,000,000.00.
A.How much would Mike have to deposit on a monthly basis to reach his goal if he can get a return of 10% compounded monthly?
B. If Mike can only deposit $350 on a monthly basis, what annual rate would he have to receive to reach his goal?
C.If Mike was quoted an APR of 11%, what is his effective annual rate with daily compounding?
if you can show steps on financial calculator that would be really helpful! thanks!
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0134141084
11th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
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