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Question for the Money Doctors

Question submitted on Mar 13, 2012.

Question

To determine PMT value of an investment for example saving a 1,000,000 in 6 years at 10.83 or 4.43%, present value 0. To set this up in a financial calculator N=5.5(67.139), I=? FV = 1,000,000, PV=0,PMT = -14,894.451(monthly). Then add an interest amount and/or years to addjust the PMT within reason...correct?

From my previous question I caluculated as you stated, you can save 8,200 at 4.43% and still save a cool million within 8.4(100.873) years.

Answer

I am not sure how to do it on a financial calculator anymore - haven''t used one since college... however go to http://www.dinkytown.net/.  It is a great financial resource to help with hundreds of financial calculators. 

To get to the calculator to save to a million - go to http://www.dinkytown.net/java/Millionaire.html.  Good luck!


For additional information visit http://www.360financialliteracy.org/