Sunday

January 25, 2015

January 25, 2015

Posted by **julie** on Thursday, November 2, 2006 at 11:25am.

I find that an EXCEL spreadsheet is very helpful for these kinds of problems.

If one deposits an amount P, growing for 30 years, the amount will grow to P*(1.03)^30. You want to solve for P such that:

P*1.03^30 + P*1.03^29 + ... P*1.03^1 = 1,000,000. Factor out the P, use EXCEL to calculate the sumation series, divide the 1M by the sumation and tada, you have your answer.

**Answer this Question**

**Related Questions**

math - How much money would have to be deposited into a compound interest ...

math - The Derr-McGee Manufacturing Company plans to build a new $50,000 ...

math - if naomi wants to accumulate 1,000,000 by investing money every year into...

Finance - Your Uncle has two alternative inheritence for you. A. You receive ...

calculating annuity - IF a company will generate 80,000 in annual revenue each ...

Math - Please help check my answers to make sure they are correct. I used the "...

MATH - Please help check my answers to make sure they are correct. I used the "...

Math - A person wants to establish an annuity for retirement purposes. He wants ...

Math - 1. If one wishes to accumulate a 30,000-fund in 5 years, how much should ...

math - College is expected to cost $150,000 per year in 18 years, how much ...