Question: Need help fully explaining the solution to this problem Question: How much should you deposit at the end of each month into an IRA that

Need help fully explaining the solution to this problem

Need help fully explaining the solution to this problem Question: How much

Question: How much should you deposit at the end of each month into an IRA that pays 8.5% compounded monthly to have $1 million when you retire in 40 years? How much of the $1 million comes from interest? Future value = pmt x ((1+r)^n-1))/ PMT = FV = ((1+r)^n-1)}/r ) Monthly deposit = $160.19 (1,000,000/(((1.007083-540)-1)/0.007083)] interest amount = $913,498.67 1000000-(160.19*45*12)

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