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?

Question

joel_atkins · Answer

The hard part with this equation is that every year that 9% interest changes, instead of 9% 30 times, it's 9% individually, you have to calculate every year then the interest on top of the interest. Sorry my answer isn't an answer, I just thought it would save someone ten minutes giving you the wrong answer.