Question

# What is the minimum I need to invest each year to be a millionaire? Using the...

What is the minimum I need to invest each year to be a millionaire? Using the following criteria:

-You begin working at age 22

-You retire at age 62, which give you a 40 year investment timeframe.

-You expect to get the S&P 500 historical return of 10% per year.

Multiple Choice

• \$1,528.13

• \$2,259.41

• \$7,129.80

• \$8,880.29

 FV = 1,000,000.00 APR = i = 0.10 n = 1 x = 40 i/n = 0.10000 n*x 40 Ordinary = 0 or blank, Due = 1 PMT = FV = \$1,000,000.00 APR = i =   0.10 n =   1 x =   40 i/n =   0.10000 n*x   40 PMT =   \$2,259.41

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