FIN 515 Devry entire course DEVRY FIN 515 Week 2 Quiz | Page 2

Question 3
(TCO B) You want to have $1,000,000 in 30 years. You already have $50,000. You
think you can get a 7% annual return on your money. How much per year will you
have to save to get to $1,000,000?
Ignore taxes. Show your work. If you use Excel, show the formula with the
parameters, and the answer. If you use a formula, provide the standard formula, the
formula with terms substituted, and the answer. If you use a calculator, show the
inputs and the answer.