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Mekhanik [1.2K]
3 years ago
6

An engineer wishes to have $3 million by the time he retires in 35 years. Assuming 8% nominal interest, compounded continuously,

what annual sum must he set aside?
Business
1 answer:
Genrish500 [490]3 years ago
5 0

Answer:

annual sum must he set aside $16209.42

Explanation:

given data

engineer wishes = $3 million

retires time = 35 years

nominal interest = 8%

solution

we get here effective annual rate that is

interest rate  = e^{r} - 1  ...........1

interest rate  = e^{0.08} - 1

interest rate  = 0.08328 = 8.33%

and

now we get annual sum must he set aside that is

amount = $3 million × \frac{rate}{(1+rate)^{t}-1}

amount = $3000000 × \frac{0.0832}{(1+0.0832)^{35}-1}

amount = $16209.42

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