Question
if naomi wants to accumulate 1,000,000 by investing money every year into her savings account at 3% for 30 years until retirement,how much does she need to deposit each year
Answers
Henry
P+Int.=1000000. P=Principal=Total Dep.
P+(0.03)(30)P=1000000
P+0.9P=1000000.
P=526315.79=Total dep./30years
Dep./yr=526315.79/30=17543.81
P+(0.03)(30)P=1000000
P+0.9P=1000000.
P=526315.79=Total dep./30years
Dep./yr=526315.79/30=17543.81