Answer:
The answer for this problem is at the bottom of picture.
Yep that looks about right. I would say that works. Good job. You're doing great
The answer is the H. Graph.
9514 1404 393
Answer:
$737,289
Step-by-step explanation:
The future value of an investment P invested at rate r per year compounded monthly for t years is ...
FV = P(1 +r/12)^(12·t)
We want to find P for the given future value, so we can solve for that:
P = FV/(1 +r/12)^(12·t) = FV(1 +r/12)^(-12·t)
P = $2,000,000(1 +.05/12)^(-240) = $737,289
Mr. Halpayne needs a present value of $737,289 to support his retirement.
