Using the time value of money calculator under the lessons

Assignment Help Accounting Basics

Reference no: EM13600455

Using the Time Value of Money calculator under the Lessons tab, answer the following question and submit your answer to this dropbox in the following format:

N=number of compounding periods (it also equals the number of payments)

I/Y=interest rate per year (use 9 for 9%...do not use .09)

FV=future value (the amount in the future you wish to accumulate)

PYMT=payment (the monthly investment/payment you will need to make)

P/Y=compounding periods per year (for monthly compounding, use 12)

Here is the question: If you desire to retire in 25 years and at retirement and accumulate $1,500,000, what amount must you invest each month? Assume monthly compounding when you calculate the number of months and the compounding periods per year. Also, use 9% per year as the interest rate.

Reference no: EM13600455

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