Solution to Problem: Alan had saved up $252,000. How much more must he save each year over the next 20 years in order to have a total of $1 million? Alan earns 5% interest, compounded annually

Alan had saved up $252,000. How much more must he save each year over the next 20 years in order to have a total of $1 million? Alan earns 5% interest, compounded annually

I am not sure how to set ths one up, the trainer has the answer provided, hopwever, I need formula and breakdown.  Don't know where to start
 
 
 


Alan had saved up $252,000.
How much more must he save each year over the next 20 years in order to have a

total of $1 million? Alan earns 5% interest, compounded annually.

Answer:
$9,878.71

Anwsers to the Problem Alan had saved up $252,000. How much more must he save each year over the next 20 years in order to have a total of $1 million? Alan earns 5% interest, compounded annually

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Alan had saved up $252,000.
How much more must he save each year over the next 20 years in order to have a
total of $1 million? Alan earns 5% interest, compounded annually.
Answer:     $9,878.71

Someone made a mistake and misstated the interest rate as it was displayed instead of its actual value.  If the answer is about 9878.71, the annual rate is actually 4.93%.

=-PMT(4.93%,20,-252000,1000000,1)

results in about 9878.71.

Look at the PMT help page to understand the parameters, particularly the last one.  In this formula, outflows (what Alan saves) is negative; inflows (what Alan will receive) is positive.

This particular error can easily be resolved with a few simple steps. However, if you are not confident in your ability to use the methods below or they do not fully remove the issue on your computer, you may want to seek the assistance of a qualified repair technician who is well versed in fixing Alan had saved up $252,000. How much more must he save each year over the next 20 years in order to have a total of $1 million? Alan earns 5% interest, compounded annually.

1. Back-up the Registry of your operating system.
2. Find the Registry Key: [HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\WindowsUpdate\OSUpgrade]
3. Note: this Registry Key should already exist, if it does not exist, create it.
4. Create a brand new DWORD Value that is named AllowOsUpdate
5. Set the Value to 0x00000001.
6. Close and reopen your Control Panel.
7. Restart the Microsoft Windows.

Recommended Method to Fix the Problem: Alan had saved up $252,000. How much more must he save each year over the next 20 years in order to have a total of $1 million? Alan earns 5% interest, compounded annually:

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1. Download SmartPCFixer. Install it on your system.

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