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FV of Investment

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After watching "Who Wants to be a Millionaire" you have decided you want to join the millionaire's club. Your goal is to have $1,000,000 in 35 years. If you can invest in a mutual fund that will project a 10% return, how much must you invest each year to meet your goal?

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This solution is comprised of a detailed explanation to answer how much must you invest each year to meet your goal.

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We have to use annuity formula to solve the problem.

FVA = W x (1 + i)n - 1 where FVA is the future ...

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