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You just turned 18 years old today and decided you want to accumulate $5,000,000 for retirement. You figure you can start making weekly deposits into a mutual fund that promises to pay an average yield of 13% per year. You intend to make the first deposit at the end of this week and retire exactly on the day of your 65th birthday. Assuming that the predicted yield of 13% is indeed realized, how much money should you deposit weekly in the mutual fund to meet your goal? FV = 5,000,000; interest = .13; n = 65 - 18 = 47.

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Financial Management, Finance

Category:- Financial Management
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