A 30-year-old worker plans to retire at age 65. He believes that $500,000 is needed to retire comfortably. How much should be deposited now at 7% compounded monthly to meet the $500,000 retirement goal? (Do not round until the final answer. Then, round to the nearest cent.)

Question

rsadhvika · Answer

Compound interest

rsadhvika · Answer

$\huge A = P(1 +\frac{r}{n})^{n*t}$

rsadhvika · Answer

A = 500,000
r = .07
n = 12
t = 65-30 = 35

rsadhvika · Answer

$\huge 500,000 = P(1+\frac{.07}{12})^{12*35}$


you can solve for P ?

anonymous · Answer

Thank you :)

rsadhvika · Answer

wc !(: