Use of Financial Calculator TI BA II Plus required. If you want to save $1 000 000 for retirement with $200 monthly deposits at eight percent interest, how long will it take?

Question

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Use the PV (present value) key to enter -1,000,000, the PMT (payment) key to enter 200, the i (interest) key to enter 8, and solve for N (number of periods). The result is N = 44.33 which means it will take approximately 44 years and 4 months to save $1 million for retirement with $200 monthly deposits at eight percent interest.

Use of Financial Calculator TI BA II Plus Required