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you plan to buy a house in 30 years that cost 1 million dollars
you plan to buy a house in 30 years that cost 1 million dollars. you believe you can earn 7% annually how much must be saved at the end of each year?
Expert Solution
We can calculate the annual savings by using the following formula in excel:-
=pmt(rate,nper,-pv,fv)
Here,
Pmt = Annual savings
Rate = 7%
Nper = 30 periods
PV = $1,000,000
FV = $0
Substituting the values in formula:
= pmt(7%,30,-1000000,0)
= $80,586.40
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