Financial Literacy

1.Problem Statement: My problem I am hard to calculate show up is how much money I stomach to place for apiece one grade to reach millions by my retreat, it is thoroughgoing to save up money for when you back out beca wont if you f only apartt you wint be able to financial backing yourself when retirement comes along. That would be a very bad deterrent example because severalise you shell x amount each month for working, and you shed all of your cash paying for bills and other vitality expenses you wont have any money left wing all over to save for your retirement. In my case, I began slobber with an interest tramp of 7% at the early hop on of 18 long time old and will retire when I turn 67, so I have 49 long geezerhood of drop to become a millionaire. I am using the godless statute for my example and image on having upwards of $950,000 and no more than $1,150,000. 2.Process: So in my use of the Pert formula( A= Pert) where P is the principle amount, e represents the sottish of a natural log or 2.71828 and so on, r is the interest rate, and t is time in the outlet of socio-economic classs left you have investing, which decreases each year as you go on. During this long and quite painful process I had to deem down somewhere and being familiar with the Pert formula I had a general idea of where to start. For my first begin I guess that I would emergency to invest $3,000 each year to become a millionaire and after all my calculations I was likewise high, I had $105,000 more than my max of $1,150,000 so I knew from at that place I would need to invest agency less than the old $3,000 and decided to try and find out if investing $2,000 each year would make me a millionaire between my mark of $950,000- $1,150,000. after(prenominal) doing all the yearly calculations I added up all the sums and came up $67,000 Short of $950,000. From now on I knew that I would need to invest less than $3,000 but more than $2,000 each year to be come a millionaire within the range of $950,! 000-$1,150,000. So for my one-third and final attempt I decided to serve if investing $2,400 every year would do the job, and luckily...If you want to get a full essay, order it on our website: OrderEssay.net

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