Asked by Adalheidis
$800,000 if your rate of return is 5.3% compounded monthly
If you deposit the amount you need to achieve your goal in 20 years, how much will your savings be worth after 10 years?
If you deposit the amount you need to achieve your goal in 20 years, how much will your savings be worth after 10 years?
Answers
Answered by
MathMate
Is this a continuation of the post
http://www.jiskha.com/display.cgi?id=1482086783 ?
If it is, it would be another advantage to keep your pen name the same (except using anonymous), because otherwise tutors cannot assume continuation and have to ask for details.
Is $800,000 the future value in 20 years?
http://www.jiskha.com/display.cgi?id=1482086783 ?
If it is, it would be another advantage to keep your pen name the same (except using anonymous), because otherwise tutors cannot assume continuation and have to ask for details.
Is $800,000 the future value in 20 years?
Answered by
Steve
P(1+r)^20 = P(1+r)^10 * (1+r)^10
So, the amount after 10 years is
800000/(1+.053/12)^(12*10) = 471433.81
So, the amount after 10 years is
800000/(1+.053/12)^(12*10) = 471433.81
Answered by
Adalheidis
Your answer is wrong the correct answer is $296,631.79
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