How much should you invest each month in order to have $600,000 if your rate of return is 7.6% compounded monthly and you want to achieve your goal in 40 years?

Question

How much should you invest each month in order to have $600,000 if you want to achieve your goal in 20 years? Round your answer to the nearest cent.

$

If you deposit the amount you need to achieve your goal in 20 years, how much will your savings be worth after 10 years? Assume that deposits are made at the end of each month. Round your answer to the nearest dollar.

$

Answer 1

Compound interest calculator tool:

https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

$215 per month over 40 years at 7.6% annual interested compounded annually will put you at just over $600,000