Homework Help: math

Posted by darryl on Saturday, June 12, 2010 at 3:03pm.

if naomi wants to accumulate 1,000,000 by investing money every year into her savings account at 3% for 30 years until retirement,how much does she need to deposit each year

math - Henry, Sunday, June 13, 2010 at 7:41pm
P+Int.=1000000. P=Principal=Total Dep.
P+(0.03)(30)P=1000000
P+0.9P=1000000.
P=526315.79=Total dep./30years
Dep./yr=526315.79/30=17543.81

Answer this Question

Related Questions

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 i wanted to accumulate a million dollars by investing money ...
business math - After looking at the results of her calculations, Naomi has ...
business math - After looking at the results of her calculations, Naomi has ...
math - After looking at the results of her calculations, Naomi has decided to ...
math - The Derr-McGee Manufacturing Company plans to build a new $50,000 ...
finance - John Roberts has $42,180.53 in a brokerage account, and he plans to ...
business math - If Naomi decides that she will invest $3,000 per year in a 6% ...
Finance - John Roberts has $42,180.53 in a brokerage account, and he plans to ...

For Further Reading

First Name:
School Subject:
Answer: