Suppose Adam wants to have $750,000 in his IRA at the end of 30 years. He decides to invest in an annuity paying 6% interest, co
mpounded annually. What does he have to contribute each year to reach this goal?
1 answer:
Answer:
$9486.68
Step-by-step explanation:
The future value of a annuity formula can be used:
FV = P((1+r)^n -1)/r
750000 = P(1.06^30 -1)/0.06
P = 750000(.06)/(1.06^30 -1) = 9486.68
Adam has to contribute $9,486.68 each year to reach his goal.
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