(solution) TVM. You wish to retire 40 years from today. You currently have $100,000 in your retirement

(solution) TVM. You wish to retire 40 years from today. You currently have $100,000 in your retirement

TVM. You wish to retire 40 years from today. You currently have $100,000 in your retirement portfolio which earns, on average, 8.4% per year. You wish to accumulate $2,000,000 in your portfolio at the time of retirement. Based on your current portfolio value, would you be needing to make any new contributions between now and retirement in order to attain your retirement goal? Use MONTHLY compounding