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OpenStudy (anonymous):
@Mathematics Jim Smith believes in 30 years he will need $80,000 to buy a retirement cottage. Assuming he gets an interest rate of 9% compounded annually, how much will he have to invest today to reach his retirement goal?
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OpenStudy (mertsj):
\[80000=P(1+\frac{.09}{1})^{30(1)}\]
OpenStudy (mertsj):
Solve that for P
OpenStudy (anonymous):
thank u
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