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3 years ago

7

Mr. Smith wishes to retire in 16 years. When he retires he would like to have $500,000 in his bank account. Mr. Smith's bank pay

s 10% per year compounded annually. How much should he deposit now to attain his goal?

1 answer:

Neko [114]3 years ago

6 0

The amount he should deposit is 31,250 dollars

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