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QUESTION

For the following questions, the present is Year 0 , and the relevant interest rate is 10% per year . Round your answers to the nearest cent .

For the following questions, the present is Year 0, and the relevant interest rate is 10% per year. Round your answers to the nearest cent. You want to save up $1,000,000 by the time you retire in Year 45. Use (A/F,i,N) to calculate how much money you must put in a bank account every year, starting in Year 1 and with the last payment being in Year 45, in order to have $1,000,000 in Year 45.

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