Business, 27.09.2019 03:30, shelatzcreed

Your goal is to have $2,000,000. you have a total of $40,000 today. you invest the $40,000 and want to add to it each month. at 10% annual interest, how much do you need to invest each month in order to bring the total up to $2,000,000 30 years from now?

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answered: jocko1224

If we want to have $ 2,000,000 for the next 30 years.

Then we will invest $ 40,000 per year with an additional 10% connection, which is $ 4,000

Then we must add $ 1,892 every month.

Further Explanation The following calculations:

$ 40,000 (initial investment) + $ 4,000 (10% investment interest per year) = $ 44,000

$ 44,000 x 30 years = $ 1,320,000

Our target is $ 2,000,000

$ 2,000,000 - $ 1,320,000 = $ 680,000

$ 680,000 / 30 years = $ 22,700 (savings added every year)

So for 1 month we have to add savings of:

$ 22,700 / 12 months = $ 1,892

If we multiply by 30 years then:

$ 1,892 x 360 months (30 years) = $ 681,120

$ 1,320,000 + $ 681,120 = $ 2,001,120

That way we can reach $ 2,000,000 in 30 years.

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What financial plans are usually forgotten and prepared, including the following: Learn About Business and Finance

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Small Salary And Finally Not Invest

Feeling a small salary, always running out, and ultimately not (ever) investing. In fact, whatever your salary, you should set aside some parts for investment.

Always Confused Between Purchasing and Investment

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Saving Early

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Take care of health and have protection

All the hard work you do while still productive will not be useful if you do not take care of yourself properly.

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Grade: College

Subject: Business

Keyword: saving, invest, goal

answered: Guest

They can use the north star to estimate their location in the ocean.

answered: Guest

Iwould say the answer is 4.

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Your goal is to have $2,000,000. you have a total of $40,000 today. you invest the $40,000 and want...