How much should you deposit at the end of each month into an investment account that pays 7.5% compounded monthly to have $1 million when you retire in 42 years? Do not round until the final answer. Then round to the nearest dollar as needed.

Question

anonymous · Answer

If you are allowed to use Excel, use the =PMT() function. Otherwise you use an annuity function based on sum of a series. If you look up the help in Excel it will give you the formula.