Time value of money

Aug 2nd, 2016
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Solution to : You have 40 years left until retirement and want to retire with $5 million.

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Question 7We need to find the lump-sum payment into the retirement account. The presentvalue of the desired amount of retirement isPV = FV (1+r)nPV = 5000000 / (1+0.10)40PV = $110474.64This is the value today. Since the savings are in the form of a growing annuity, wecan use the growing annui

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