Question

Use the TVM Solver to calculate the amount you should make in monthly payments into an investment account if you want to have $1,000,000 in 60 years. The account pays 3.9% interest compunded monthly and you will make an intial investment of $25,000

Answer 1

$257.95

Explanation:

We have assumed the payment is made at the end of each month, and the last payment will bring the balance to $1 million.