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adell [148]
3 years ago
12

Dr. Porterfield a financial counselor guru informed Mr. Halpayne he needs $2,000,000 saved if he intends to retire with his wive

s (7 of them) and not be homeless in future. Calculate the present value Mr. Halpayne needs if he intends to retire in 20 years provided he invests in a financial plan that pays 5% interest compunded monthly.
Mathematics
1 answer:
ser-zykov [4K]3 years ago
6 0

9514 1404 393

Answer:

  $737,289

Step-by-step explanation:

The future value of an investment P invested at rate r per year compounded monthly for t years is ...

  FV = P(1 +r/12)^(12·t)

We want to find P for the given future value, so we can solve for that:

  P = FV/(1 +r/12)^(12·t) = FV(1 +r/12)^(-12·t)

  P = $2,000,000(1 +.05/12)^(-240) = $737,289

Mr. Halpayne needs a present value of $737,289 to support his retirement.

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