Asked by Ben
Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $50,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 3% compounded annually?
My answer is $20,559.34, however, the module says its incorrect.
My answer is $20,559.34, however, the module says its incorrect.
Answers
Answered by
Reiny
P(1.03)^30 = 50000
P = 50000/1.03^30
= 20599.34
the same as yours.
No idea why they wont' take it
P = 50000/1.03^30
= 20599.34
the same as yours.
No idea why they wont' take it
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.