Question

Justice wants to invest in a mutual fund for her retireme. If she expects to make 17% annually and wants to retire in 35 years, how much money must she invest per month to have 5 million dollars when she retires?

Answer 1

Amount = A
Use the compound interest formula
A(1.17)^35=5000000
log(A)=log(5000000)-35log(1.17)
A=20533.59 (per year)
or
1711.13 per month.

Note: there hasn't been an interest rate as high as 17% for the past thirty years of so in North America.