3 Questions
What is the annual interest rate for the travel fund?
6.24%
How often is the interest on the travel fund compounded?
Monthly
When does the trip start in years and months?
4 years and 7 months
Calculate your travel fund size for a yearlong trip using compound interest. Determine the initial amount needed to withdraw $3750 monthly, earning 6.24% compounded monthly, and starting the trip in 4 years and 7 months. Test your financial planning skills with this quiz.
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