I need to get 400,000 (i wish) if i was to get 6% compounded annually what is the formula i would have to use? thanks in advance

Question

I need to get 400,000 (i wish) if i was to get 6% compounded annually  what is the formula i would have to use? thanks in advance

anonymous · Answer

$$A=P\left(1+{r\over100}\right)^n$$

anonymous · Answer

amount needed = A = 400,000
principal = P = compute
r = APR = 6
n = number of years for the think to happen

anonymous · Answer

hows that now?

anonymous · Answer

yes. could you chceck the question. some information is missing.

anonymous · Answer

already? by noon?

anonymous · Answer

yea. thats how long they make us wait!
so, n = 80-55=25

anonymous · Answer

yep. and nobody tells us about the 401k. have to find out things the hard ways

anonymous · Answer

like the song goes, "my education came from reading the road-signs.."

anonymous · Answer

thats what you calculate.
you've got A, r and n
$$400000=P\left(1+{6\over100}\right)^{25}$$

anonymous · Answer

$$400000=P(1.06)^{25}\
400000=P(4.292)$$

anonymous · Answer

I dont see the need for a table!?

anonymous · Answer

but for what? you mean for the power(exponent)?

anonymous · Answer

I am in the dark here.
I do not know what the tables represent and for what

anonymous · Answer

can you take a picture of the tables and attach here so I can take a look?

anonymous · Answer

P is a little less than $95K

anonymous · Answer

so, an investment of about 95K will give us 400K after 25 years

anonymous · Answer

but what is the number "1.4185"?

anonymous · Answer

so, all good?