Question: How much do I need to save each month, over the next 30 years, adjusted for inflation at 3%, to have $1,000,000 at the end of the 30 years, if my savings earn 10% per year?
Rate = 10%
Period = 360 (30 years x 12 months)
PV = $0
FV = $1,000,000
Inflation = 3%
I know how to do a PMT formula, but that produces a level amount. I need the amount to increase each period for inflation.
If you can answer this I'll be so grateful. Feel free to share your Venmo and I'm happy to send you something.
Rate = 10%
Period = 360 (30 years x 12 months)
PV = $0
FV = $1,000,000
Inflation = 3%
I know how to do a PMT formula, but that produces a level amount. I need the amount to increase each period for inflation.
If you can answer this I'll be so grateful. Feel free to share your Venmo and I'm happy to send you something.