You want to have $5 million in your retirement account at the end of your 45-year working career. your account will earn an average rate of return of 7% annually. you currently have $0 invested for retirement. how much will you need to invest each month to reach your retirement goal? use beginning of period pmts.

$1,310.88

Explanation:

In this question, we use the PMT formula which is shown in the spreadsheet.  

The NPER represents the time period.  

Given that,  

Present value = $0

Future value or Face value = $5,000,000

NPER = 45 years × 12 months = 540

Rate = 7% ÷ 12 months = 0.5833%

The formula is shown below:  

= PMT(Rate,NPER,PV,FV;type)  

Th type would be 1

So, after solving this,  the answer would be $1,310.88

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