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March 25, 2017

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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 - ,

    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

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