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Homework answers / question archive / You hope to retire after 35 years and you need $750,000 in the bank to live the life you want after retirement

You hope to retire after 35 years and you need $750,000 in the bank to live the life you want after retirement

Finance

You hope to retire after 35 years and you need $750,000 in the bank to live the life you want after retirement. You can earn 8% per year on your investments. How much must you save every year to reach your goal?

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We can calculate the annual savings by using the following formula in excel:-

=pmt(rate,nper,pv,-fv)

Here,

Pmt = Annual savings

Rate = 8%

Nper = 35 periods

PV = $0

FV = $750,000

Substituting the values in formula:

= pmt(8%,35,0,-750000)

= $4,352.45

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