If you desire to have $1,000,000 in 25 years, you need to save $309 at the end of each month toachieve your goal assuming a 1.25% per month rate of return.

Question

Quizplus · Accepted Answer

This statement is correct if we use the formula for calculating future value of an annuity. The monthly payment of $309 at a 1.25% monthly rate of return for 25 years will result in a future value of approximately $1,000,000.

If You Desire to Have $1,000,000 in 25 Years, You