How much must you contribute monthly

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Q1) You are 45 years old. You want to retire at age 65 (20 years) with $1,000,000. You can invest your money at 6% compounded monthly. Your first deposit will be at the end of the month. How much must you contribute monthly to meet your retirement goal.

Q2) You are 20 years old. You want to retire at age 65 (45 years) with $1,000,000. You can invest your money at 6% compounded monthly. Your first deposit will be at the end of the month. How much must you contribute monthly to meet your retirement goal.

Reference no: EM132883290

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