Homework Help: investing compound interest

Posted by josh on Wednesday, June 25, 2008 at 2:56pm.

James Johnson, a recent graduate of a nationally recognized MPA program wants to be able to travel around the world. James does not have enough money at this time, but believes he can save up enough money to travel around the world in ten years. If he currently has $15,000 to invest and estimates he can earn 10% compounded annually on his investment, how much must James put aside at the end of each of the next ten years in order to accumulate the $100,000 he anticipates will be needed to fulfill his dream?

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