You want to have 100,000 when you retire in 10 years. If you can earn 5% interest compounded monthly, how much would you need to deposit now into the account to reach your retirement goal?

Solución

You want to have 100, 000 when you retire in 10 years. If you can earn 5% interest compounded monthly, how much would you need to deposit now into the account to reach your retirement goal?

Solución

Principal : 60716.1

Pasos de solución

Translate the problem into an equation:

100000 = P (1 + \frac{0.05}{12})^{12 \cdot 10}

Resolver para

P, 100000 = P (1 + \frac{0.05}{12})^{12 \cdot 10} : P = 60716.1

Principal : 60716.1

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