Mr. Wise is retiring in 25 years.?
Mr. Wise is retiring in 25 years. He would like to accumulate $1,000,000 for his retirement fund by then. He plans make equal monthly payments to achieve his goal. If the rate of return on the retirement fund is 12%, what will his monthly payments be?
Public Comments
- $532.24 if payments are made at end of month or a little less if payments are made on the first day of each month. The question of income tax is not addressed. Nor is the question of what period of time the funds will be withdrawn (the longer the withdrawal, the less need be accumulated.) Texian
- This is not the place to post homework help questions. Under the Education and Reference category there is a forum called Homework Help. This is where you should post homework questions such as this one. The people that browse that forum love to answer questions such as this one.
- right at 532.00 depending on rounding!!!
