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1.5 pts when you retire, you want to have $875,000 saved. if you plan to retire in 35 years, and you can receive 7% interest annually on a savings account, what is the fixed amount you have to save each year?

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Manikan130

A deposit account with a bank or other financial institution that pays interest

A savings account is a bank account meant to retain funds that you do not intend to spend right away.

Let the value of N = 35 % =7 PV = 0 PMT=? FV=875,000 Therefore, the fixed amount you have to save each year exists $6,330

Benefits of a Savings Account:

You may rest easy knowing that your money is protected.

You may earn interest on your savings.

Pay your bills automatically and on schedule.

To learn more about Savings account Refer: https://brainly.com/question/1446753

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