jas4387bb jas4387bb

21-06-2021
Mathematics

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1. After you retire in 17 years your goal is to have $100,000 in your investment account that earns 8% compounded annually. How much money would you need to deposit now to reach this goal

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sqdancefan sqdancefan

21-06-2021

9514 1404 393

Answer:

$27,026.90

Step-by-step explanation:

The future value formula can be solved to find the present value required.

FV = P(1 +r)^t . . . future value of P compounded at annual rate r for t years

$100,000 = P(1 +0.08)^17

P = $100,000/3.70002 . . . . divide by the coefficient of P

P = $27,026.90

You would need to deposit #27,026.90 now to reach this goal.

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