P(1.03)^30 = 50000
P = 50000/1.03^30
= 20599.34
the same as yours.
No idea why they wont' take it
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.
1 answer
1 answer