Using the Time Value of Money calculator under the Lessons tab, answer the following question and submit your answer to this dropbox in the following format:
N=number of compounding periods (it also equals the number of payments)
I/Y=interest rate per year (use 9 for 9%...do not use .09)
FV=future value (the amount in the future you wish to accumulate)
PYMT=payment (the monthly investment/payment you will need to make)
P/Y=compounding periods per year (for monthly compounding, use 12)
Here is the question: If you desire to retire in 25 years and at retirement and accumulate $1,500,000, what amount must you invest each month? Assume monthly compounding when you calculate the number of months and the compounding periods per year. Also, use 9% per year as the interest rate.