Tommy wants to save $1 million for retirement in 50 years. Assume he invests in a

Mathematics

1 answer:

Novosadov [1.4K]3 years ago

5 0

Answer:

Here, the formula would be:

P x (1 + rate)^50 = 1000000

With rate = 4.8% = 0.048, the money he needs to save today would be:

P = 1000000/(1 + 0.048)^50 = 95925.9$

Hope this helps!

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