amount = payment( (1+i)^n - 1)/i
let the payment be p
p( 1.05)^35 - 1)/.05 = 1000000
p = 1000000/90.320307..
p = $ 11071.70
about 11 thousand a year.
If you can earn 5%, how much will you have to save each year if you want to retire in 35
years with $1 million?
1 answer