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SOVA2 [1]
3 years ago
5

How much would you need to invest on your 16th birthday at 3% per year, compounded quarterly, to have $750,000 by your 60th birt

hday? (TVM Solver)
Mathematics
1 answer:
ZanzabumX [31]3 years ago
8 0
A=p (1+r/k)^kn

A future value 750000
P present value ?
R interest rate 0.03
K compounded quarterly 4
N time 60-16=44 years

P=A/(1+r/k)^kn
P=750,000÷(1+0.03÷4)^(4×44)
p=201,340.72
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