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)
1 answer:
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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Answer:
Step-by-step explanation:
24,000 = 24 thousands
30,000 = 30 thousands
3,000 = 3 thousands
2,4000 = 2.4 thousands
"x" years
24 + 3x = 30 + 2.4x
3x - 2.4x = 30 - 24
0.6x = 6
x = <em>10 years</em>
