Tommy wants to save $1 million for retirement in 50 years. Assume he invests in a
1 answer:
Answer:
Here, the formula would be:
P x (1 + rate)^50 = 1000000
With rate = 4.8% = 0.048, the money he needs to save today would be:
P = 1000000/(1 + 0.048)^50 = 95925.9$
Hope this helps!
:)
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