Calculating the monthly deposit amount
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Mr. Moore will be 35 years at the end of the month and he wishes to retire in 25 years. He plans to invest in a mutual fund earning 7.5 percent annual return compounded monthly and have a $1.5 million retirement fund at age 60. How much must be deposited at the end of each month to achieve his goal?
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Solution Summary
Solution determines the monthly deposit amount that will be sufficient to meet the given financial goal. Solution is provided in MS Excel format.
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See attached Excel file for better clarity of formulas.
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- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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