IDNLearn.com is designed to help you find reliable answers quickly and easily. Get accurate and detailed answers to your questions from our dedicated community members who are always ready to help.
Determine the principal P that must be invested at rate r = 7%, compounded monthly, so that $500,000 will be available for retirement in t = 19 years. (Round your answer to the nearest cent.) P = $
19 years = 228 months if i si the rate per month (1+i)^12 = 1,07 => 1 + i = 12√1,07 = 1,00565 500 000 = (1,00565)^(228).x => x = 500 000/3,616 = $138 254,16
We value your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. IDNLearn.com provides the best answers to your questions. Thank you for visiting, and come back soon for more helpful information.