You need to have $50,000 at the end of 10 years. To accumulate this sum, you have decided to save a certain amount at the end of each of the next 10 years and deposit it in the bank. The bank pays 8 percent interest compounded annually for long-term deposits. How much will you have to save each year (to the nearest dollar)?

Answer 1

Just use your future value formula
P*(1.08^10-1)/0.08 = 50000
Now solve for P

Answer 2

Plz explain this question