After looking at the results of her calculations, Naomi has decided to aim for $500,000 savings by the time she retires. She expects to have a starting salary after college of $25,000 to $35,000 and she has taken into acount all of the living expenses that will come out of her salary. what will Naomi's annual deposits need to e to accumulate $500,000 in a CD at 6%?

Question

After looking at the results of her calculations, Naomi has decided to aim for $500,000 savings by the time she retires. She expects to have a starting salary after college of $25,000 to $35,000 and she has taken into acount all of the living expenses that will come out of her salary.  what will Naomi's annual deposits need to e to accumulate $500,000 in a CD at 6%?

Reiny · Answer

I have to know how many years she plans to make those deposits, your question does not include that information
However, if n is the number of years, solve for "pay" in this equation

500000 = pay ( 1.06^n - 1)/.06