Problema Solution
If you can earn 4 percent, how much will you have to save each year if you want to retire in 35 years with $1 million?
Answer provided by our tutors
let x = the money you have to save each year
x(1 + 0.04)^35 = 1000000
by solving we find
x = $253,415.471
click here to see the step by step calculation
you have to save 253,415.471 each year to retire with $1 million.