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Zolol [24]
3 years ago
11

Dan 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 d

oes he need to invest in each of the following years to achieve his goal?
a. $13,241
b. $133,239
c. $10,727
d. $52,450
Business
1 answer:
Ket [755]3 years ago
6 0

Answer:

$13,241

Explanation:

From the data we were given in the question:

future value = fv = $1,500,000

time = t  = 30 year

rate = r = 8%

We are required to find out How much does he need to invest to achieve his goal

solution

future value = principal ( 1+ rate)^(t-1)  / rate

1500000 = principal (1 + .08)^(30-1)/ 0.08

we make principal, p, subject of the formula.

principal = 1500000  / ( (1 + .08)^(30-1)/ 0.08 )

Principal = 1,500,000 / 113.2832

principal =  13241.15

so Dan needs to invest $13241

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