Question
A family's plan to retire in 15 years and expect to need $500,000. Determine how much they must invest at 7.6% compounded annually to accomplish their goal.
Answers
The compound interest formula is:
500000=P*(1.076)^15
Solve for P, the present value.
500000=P*(1.076)^15
Solve for P, the present value.
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