You want to have 800,000 when you retire in 10 years. If you can earn 7% interest compounded monthly, how much would you need to deposit now into the account to reach your retirement goal?

Solución

You want to have 800, 000 when you retire in 10 years. If you can earn 7% interest compounded monthly, how much would you need to deposit now into the account to reach your retirement goal?

Solución

Principal : 398077.01

Pasos de solución

Translate the problem into an equation:

800000 = P (1 + \frac{0.07}{12})^{12 \cdot 10}

Resolver para

P, 800000 = P (1 + \frac{0.07}{12})^{12 \cdot 10} : P = 398077.01

Principal : 398077.01

Ejemplos populares

Marie opened a savings account and deposited 200.00 as principal. The account earns 5% interest, compounded quarterly. How much interest will she earn after 9 years?What is the volumen, in cubic m, of a cube with an edge length of 18m?Chicago, Illinois and Detroit, Michigan are 284 miles apart. If a driver promediod 70 miles per hour, how long would it take him to get from Chicago to Detroit?Quinn opened a savings account and deposited 1,197.00. The account earns 11.35% interest, compounded quarterly. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?eight more than the product of a number and 5 is 9