Alan Madison needs $244,400 in 10 years.
Click here to view factor tables
How much must he invest at the end of each year, at 5% interest, to
meet his needs? (Round factor values to 5 decimal
places, e.g. 1.25124 and final answers to 0 decimal places, e.g.
458,581.)
Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
Alan Madison | |
Future Value of Annuity | P*((1+i)^n-1)/i |
Here P= ? | |
Future Value of Annuity= | 244,400.00 |
i= | 5%=0.05 |
n= | 10.00 |
244400= | P*((1+0.05)^10-1)/.05 |
244400= | P*((1.05)^10-1)/.05 |
244400= | P*(1.62889-1)/.05 |
244400= | P*(0.62889)/.05 |
244400= | P*12.5778 |
P= | 244400/12.5778 |
P= | 19,431.06 |
So Alan must invest $ 19,431 at the end of each year. |
Alan Madison needs $244,400 in 10 years. Click here to view factor tables How much must...
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