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Populaire Word Problems >

You want to have 100,000 when you retire in 10 years. If you can earn 5% 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 100, 000 w h e n yo u re t i re in 10 ye a rs . I f yo u c an e a r n 5% 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 : 60716.1

étapes des solutions

Translate the problem into an equation:

100000 = P (1 + \frac{0.05}{12})^{12 \cdot 10}

Solutionner pour

P, 100000 = P (1 + \frac{0.05}{12})^{12 \cdot 10} : P = 60716.1

Principal : 60716.1

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