Invest every year to achieve his savings goal

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Reference no: EM131326970

Gary Kornig will be 30 years old next year and wants to retire when he is 65. So far he has saved (1) $6,800 in an IRA account in which his money is earning 8.3 percent annually and (2) $5,990 in a money market account in which he is earning 5.25 percent annually. Gary wants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in which he expects to earn 9.90 percent annually. How much will Gary have to invest every year to achieve his savings goal? (Round answer to 2 decimal places, e.g. 15.25.)

Reference no: EM131326970

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Invest every year to achieve his savings goal : Gary Kornig will be 30 years old next year and wants to retire when he is 65. So far he has saved (1) $6,800 in an IRA account in which his money is earning 8.3 percent annually and (2) $5,990 in a money market account in which he is earning 5.25 per..

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