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Populaire Word Problems >

You want to have 300,000 when you retire in 20 years. If you can earn 6% interest compounded monthly, how much would you need to deposit now into the account to reach your retirement goal?

Solution

Y o u w an t t o ha v e 300, 000 w h e n yo u re t i re in 20 ye a rs . I f yo u c an e a r n 6% in t eres t co m p o u n d e d m o n t h l y, h o w m u c h w o u l d yo u n ee d t o d e p os i t n o w in t o t h e a cco u n t t o re a c h yo u r re t i re m e n t g o a l ?

Solution

Principal : 90628.84

étapes des solutions

Translate the problem into an equation:

300000 = P (1 + \frac{0.06}{12})^{12 \cdot 20}

Solutionner pour

P, 300000 = P (1 + \frac{0.06}{12})^{12 \cdot 20} : P = 90628.84

Principal : 90628.84

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