Use the formula for present value of money to calculate the amount you need to invest now in one lump sum in 주문 to have 1,000,000 after 40 years with an APR of 9% compounded quarterly. Round your answer to the nearest cent, if necessary.

해법

U se t h e f or m u l a f or p rese n t v a l u e o f m o n ey t o c a l c u l a t e t h e am o u n t yo u n ee d t o in v es t n o w in o n e l u m p s u m in or d er t o ha v e 1, 000, 000 a f t er 40 ye a rs w i t h an A PR o f 9% co m p o u n d e d q u a r t er l y . R o u n d yo u r an s w er t o t h e n e a res t ce n t, i f n ecess a ry .

Amount : 35.17

솔루션 단계

Translate the problem into an equation:

A = 1 \cdot (1 + \frac{0.09}{4})^{4 \cdot 40}

1 \cdot (1 + \frac{0.09}{4})^{4 \cdot 40} = 35.16662 \dots

가장 가까운 hundredth 으로 반올림:

35.17

Amount : 35.17