Discover a wealth of knowledge and get your questions answered on IDNLearn.com. Ask anything and receive prompt, well-informed answers from our community of knowledgeable experts.
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
Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. Thanks for visiting IDNLearn.com. We’re dedicated to providing clear answers, so visit us again for more helpful information.