Wednesday

April 16, 2014

April 16, 2014

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.

**Related Questions**

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

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

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

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 "...

business math - If Naomi decides that she will invest $3,000 per year in a 6% ...

Business Math - If i wanted to accumulate a million dollars by investing money ...

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

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

trig - starting salary for a job is 30,000 with a guaranteed raise of $5,000 ...