Question

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

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

Excel formula:

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