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rosijanka [135]
3 years ago
14

Mr. smith wishes to retire in 11 years. when he retires he would like to have $500,000 in his bank account. mr. smith's bank pay

s 6% per year compounded annually. how much should he deposit now to attain his goal?
Business
1 answer:
Simora [160]3 years ago
4 0
The formula is
A=p (1+r)^t
A future value 500000
P present value. ?
R interest rate 0.06
T time 11 years
Solve the formula for p by dividing both sides by (1+r)^t to get
P=A/(1+r)^t
P=500,000÷(1+0.06)^(11)
P=263,393.76

he should deposit 263393.76 now to attain 500000

Hope it helps!
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