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Math, HELP!

posted by on .

if you wish to have $250,000 in 30 years, how much mush be deposited weekly in an account that pays 6% compounded weekly? (50 weeks per year)

  • Math, HELP! - ,

    50 weeks in a year ???
    mmmhhhh?

    anyway I will go with that.
    n = 30x50 = 1500
    i = .06/50 = .0012
    deposit = x

    x( 1.0012^1500 - 1)/.0012 = 250000
    you do the button-pushing

    (I got $59.49 )

    check by estimating:
    payment appr. 240 a month monthly rate = .06/12 = .005
    amount after 30 yrs
    = 240(1.005^360 - 1)/.005
    = appr $241 000
    my answer is plausable.

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