suppose that an insurance agent offers you a policy that will provide you with a yearly income of $60,000 in 30 years what is the comparable salary today, assuming inflation rate of 3% compounded annually. round the answer to the nearest cents.

Question

Thank you have a day.

Answer 1

A = p(1 + r)^t
60000 =p(1.03)^30
60000 = 2.427262471p
P = $24719.21

Answer 2

thank you very much it is appreciated.