Sample Problem $2$

$$ You want to have $$2$ million at the time of your retirement

$$ Your financial advisor has told you to assume an investment

rate of $4\%($the APR$)$

$$ How much do you need to invest each month if you plan to

work another $20$ years? $30$ years? $40$ years?

$$ How would your answer change if the investment rate was

$8\%?$

Note: remember to convert the APR and time periods to

months