Ricardo (just celebrated his 30th birthday), wants to accumulate $1 million by the time he turns 65

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Ricardo (just celebrated his 30th birthday), wants to accumulate $1 million by the time he turns 65 years of age. If he could obtain an interest rate of 7% (annual compounded monthly) and assuming he allows it to compound until age 65, how much will he have to invest monthly to reach his goal?

What if Ricardo in question two above had an initial deposit of $20,000? What would be his new monthly payment assuming everything else stays the same?

Posted Date: May 11, 2024 04:01 AM

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Ricardo (just celebrated his 30th birthday), wants to accumulate $1 million by the time he turns 65

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Ricardos Monthly Investment for 1 Million Goal 1 Calculate the number of periods months Age differen... View the full answer

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