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You want to have $5 million in real dollars in an account when you retire in 30 years. The nominal return on your investment is 8 percent and the inflation rate is 3.9 percent. What real amount must you deposit each year to achieve your goal? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Respuesta :

Answer:

$89,956.17

Explanation:

We use the PMT function to find out the real amount deposited each year i.e shown in the attachment below:

Given that,  

Present value = $0

Future value or Face value = $5,000,000

Rate = (1.08 ÷ 1.039) -1 = 3.9461%

NPER = 30 years

The formula is shown below:  

= PMT(RATE;NPER;-PV;FV;type)  

The future value come in negative

After solving this, the yearly payment is $89,956.17

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