Retire with million dollars in savings account

Assignment Help Financial Management

Reference no: EM131551517

Suppose your personal financial goal is to retire with a million dollars in your savings account. How much must you deposit monthly in an account paying 6% a year ( with intrest being compounded monthly and your deposits occurring at the end of the month), to accumulate $1,000,000 by your 65th birthday if you begin your deposits on your 22nd birthday?

Reference no: EM131551517

Questions Cloud

Considering the sale of new sound board : Meld Music Company is considering the sale of a new sound board used in recording studios. what is the annual OCF for the project?

Department of large private hospital in metropolitan area : You are the manager of the emergency department of a large private hospital in a metropolitan area served by several hospitals,

What is aftertax cash flow from the sale of this asset : If the relevant tax rate is 27 percent, what is the aftertax cash flow from the sale of this asset?

Compute cash-flows in dollars under each scenario : ticky prices at home (same at DK20/unit but increase in export prices by 33% to DK26.67/unit. Compute the cash-flows in dollars under each scenario?

Retire with million dollars in savings account : Suppose your personal financial goal is to retire with a million dollars in your savings account.

Blocked funds are cash flows that : Blocked funds are cash flows that

Incremental cash flows-result of replacing the old machine : What incremental cash flows will occur at the end of years 0 through 6 as a result of replacing the old machine?

What is the book value of equity per share : Stock A pays a dividend of $3 per share in year zero. What is the payout ratio at year 1? What is the book value of equity per share in the beginning of year 1?

What is the dividend per share in year two : What is earnings per share in year 0 ? What is earnings per share in year 1 ? What is earnings per share in year 2 ? What is the dividend per share in year 2 ?

User Account

All Pages