Everyone wants to be a millionaire. Let us assume it is your goal to have a million by the age of 60 and you are currently a 25 year old well into the beginning of your career. You have 35 years to save to achieve your goal. The question is how much do you need to save each month.
Assuming that the interest rate in a savings account is fixed at a rate of 3%, let us calculate what you need to save to reach your goal.
Enter the following:
PV - 0
Rate - 3
Terms - 420 months (35 years *12)
FV - 1000000
Press PMT and you get -1348.50.
A tool for business students, realtors, mortgage brokers, insurance agents, etc. for their daily calculation of mortgages, annuities, interest rates, and many more, most especially when their calculator is not available but their cell phone or PC is.
Wednesday, February 3, 2010
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