5. If your working career is 540 months and you want to have a million dollars in your retirement account by the end of your working career, what starting monthly salary do you need if you save 9% of your salary each month and your salary increases by 3% annually? Assume a 7% interest rate.
5. If your working career is 540 months and you want to have a million dollars in your retirement account by the end of your working career, what starting monthly salary do you need if you save 9% of your salary each month and your salary increases by 3% annually? Assume a 7% interest rate.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 34P
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