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satela [25.4K]
3 years ago
6

John would like to save $1,500,000 by the time he retires in 30 years and believes he can earn an annual return of 8%. How much

does he need to invest each year to achieve his goal?
Business
1 answer:
leonid [27]3 years ago
3 0

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

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3 years ago
The January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information (in thousands):
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A. 136.2 days

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