Asked by Heather
If i wanted to accumulate a million dollars by investing money every year into a savings account at 3% for 30 years until retirement how much do i need to deposit each year?
Answers
Answered by
Reiny
1000000= payment( 1.03^30 - 1)/.03
payment = 1000000/47.5754157 = 21019.26
payment = 1000000/47.5754157 = 21019.26
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