Posted by Heather on .
After looking at the results of her calculations, Naomi has decided to aim for $500,000 savings by the time she retires. She expects to have a starting salary after college of $25,000 to $35,000 and she has taken into account all of the living expenses that will come out of her salary. What will Naomi's annual deposits need to be accumulate $500,000 in a CD at 6%?

business math 
Reiny,
You will have to tell me for how long she will make these annual deposits.
let's assume it is n years
so solve for P, the payment
500000 = P(1.06^n  1)/.06
let me know what you got.