1. After you retire in 17 years your goal is to have $100,000 in your investment account that earns 8% compounded annually. How much money w

Question

1. After you retire in 17 years your goal is to have $100,000 in your investment account that earns 8% compounded annually. How much money would you need to deposit now to reach this goal

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Maris 5 years 2021-08-31T10:50:18+00:00 1 Answers 12 views 0

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  1. nguyetanh
    0
    2021-08-31T10:51:23+00:00
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    9514 1404 393

    Answer:

     $27,026.90

    Step-by-step explanation:

    The future value formula can be solved to find the present value required.

      FV = P(1 +r)^t . . . future value of P compounded at annual rate r for t years

      $100,000 = P(1 +0.08)^17

      P = $100,000/3.70002 . . . . divide by the coefficient of P

      P = $27,026.90

    You would need to deposit #27,026.90 now to reach this goal.

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