Answer:
he need to invest $13,241 each year to achieve his goal
Explanation:
Target Saving Amount = Future value = F = $1,500,000
Number of years = n = 30 years
Inyterest rate = r = 8% = 0.08
Invetment to be made = P = ?
Use following formula to calculate Invetment amount
F = P x ([1 + r]^n - 1 )/r
P = F / ([1 + r]^n - 1 )/r
P = 1,500,000 / ([1 + 0.08]^30 - 1 )/0.08
P = 1,500,000 / 113.2832
P = 13241.15
To provide a place for people to trade goods and services
Answer:
i think is B correct me if i wrong
