Please help me, I will rate the highest possible rating and points to whoever ca

Question

Please help me, I will rate the highest possible rating and points to whoever can do this problem in excel!

Joe plans to retire in 15 years, but feels he needs at least $1,500,000 in his retirement investment account when he retires in order to live the rest of his life comfortably. His broker has an investment that will give him 9% annual interest for those 15 years, and Joe plans to put $1500 per month into that investment. He also has some money from a recent sizable inheritance that he can possibly put into the investment to be sure he reaches his goal. How much money (from his inheritance) would Joe need to put into the investment upfront to ensure he meets his $1,500,000 goal?

Use the proper Excel function to determine the answer.

Explanation / Answer

Amount needed to put into the investment upfront = pv(rate,nper,pmt,fv)

monthly rate = 9%/12 = 0.75%

nper = 12*15 = 180

pmt = 1500

Fv = 1500000

Amount needed to put into the investment upfront = pv(0.75%,180,-1500,1500000)

Amount needed to put into the investment upfront = $ 242,934.04

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