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Ariel wants to save $1,500,000 by her retirement date (32 years from now). If she can...

Ariel wants to save $1,500,000 by her retirement date (32 years from now). If she can earn 9.5% (annual rate) on her investments, how much must she save per month in order to reach her goal of $1,500,000?

Group of answer choices

$3,906.25

$211.22

$1,208.26

$604.13

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Answer #1
Amount required at retirement $        1,500,000
Annual rate 9.50%
Years till retirement                           32
Number of payments in a year                           12
Monthly payment $              604.13

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