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Sara met with a financial planner and has determined that she will need $1,250,000 when she retires in 30 years. She has found an annuity that pays 5.65%, compounded monthly. What will she need to save each month, if a) Sara waits 20 years to start saving?               N:                           P/Y:             I%:                         C/Y:             PMT:                              FV:     End or Begin

Sara met with a financial planner and has determined that she will need $1,250,000 when she retires in 30 years. She has found an annuity that pays 5.65%, compounded monthly. What will she need to save each month, if a) Sara waits 20 years to start saving?               N:                           P/Y:             I%:                         C/Y:             PMT:                              FV:     End or Begin

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 11E
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Sara met with a financial planner and has determined that she will need $1,250,000 when she retires in 30 years. She has found an annuity that pays 5.65%, compounded monthly. What will she need to save each month, if

a) Sara waits 20 years to start saving?

 

            N:                      

 

 

P/Y:

            I%:                    

 

 

C/Y:

            PMT:                 

            FV:

 

 

End or Begin

 

$645.10

$1,024.80

$9,021.75

$1,000,000

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