Say you need to have $2 million saved up for your retirement. Assume you earn 6.6%...

 

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Say you need to have $2 million saved up for your retirement. Assume you earn 6.6% APR compounded monthly over the 45 years during which you save. How much do you need to save monthly to fund your retirement plan? Always carry at least four decimal places throughout your analysis. Response should include 4 decimal places. Do not include percentage sign (for example, 12% would be entered as 0.1200) Do not include a dollar sign. Do not include comma (for example, 15,000 would be entered as 15000). (Trailing zeroes may disappear--do not worry about that) Say you need to have $2 million saved up for your retirement. Assume you earn 6.6% APR compounded monthly over the 45 years during which you save. How much do you need to save monthly to fund your retirement plan? Always carry at least four decimal places throughout your analysis. Response should include 4 decimal places. Do not include percentage sign (for example, 12% would be entered as 0.1200) Do not include a dollar sign. Do not include comma (for example, 15,000 would be entered as 15000). (Trailing zeroes may disappear--do not worry about that)

Answer rating: 100% (QA)

To calculate the monthly savings required to reach a goal of 2 ... View the full answer