Answer:
n = (m-1)/(4-g)
Step-by-step explanation:
m= 4n-gn+1
Subtract 1 from each side
m-1= 4n-gn+1-1
m-1 = 4n -gn
Factor out n
m-1 = n(4-g)
Divide each side by (4-g)
(m-1)/(4-g) = n(4-g)/(4-g)
(m-1)/(4-g) = n
n = (m-1)/(4-g)
The amount of money that John would have in his account when he is ready to retire is $6,351,400.21.
<h3>How much would be in the retirement account?</h3>
The formula that can be used to determine the future value of the annuity is
Future value = Daily deposit x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
- r = 3.5 / 365 = 0.0096%
- n = (65 - 48) x 365 = 6205
Annuity factor = [(1.000096^6205) - 1] / 0.000096 = $8468.53
Future value = 750 x $8468.53 = $6,351,400.21
To learn more about annuities, please check: brainly.com/question/24108530
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Answer:
Step-by-step explanation:
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