# math

posted by .

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

## Similar Questions

1. ### Finance

You are now 30 years old. You plan to retire in 30 years, and expect to live for 30 years after retirement, that is, until you are 90. You want a fixed retirement income that has the same purchasing power at the time you retire as …

If i wanted to accumulate a million dollars by investing money every year into a savings account at 3% for 30 years until retirement how much do i need to deposit each year?
3. ### MATH

Please help check my answers to make sure they are correct. I used the "sinking fund payment and present value of an ordinary annuity" formulas to solve this story problem. Thanks! Story: Naomi Dexter is 20 years old. She decides to …
4. ### Math

Please help check my answers to make sure they are correct. I used the "sinking fund payment and present value of an ordinary annuity" formulas to solve this story problem. Thanks! Story: Naomi Dexter is 20 years old. She decides to …
5. ### math

The Derr-McGee Manufacturing Company plans to build a new \$50,000 warehouse seven years from now. They plan to accumulate the \$50,000 in an account before beginning construction. If money is worth 7% compounded annually, how much must …
6. ### math

How much money would have to be deposited into a compound interest savings account earning 5% each year in order to accumulate \$10,000 in 18 years?
7. ### finance

Mrs. Kay who is 24 years old plans to retire at the age of 60. Mrs. Kay would like to be able to withdraw \$120,000 per year from her retirement account for 40 years after retirement beginning a year after her retirement. She already …
8. ### Finance

You are 45 years of age and your asporation is to retire in 17 years at age 62. Assume you are about to set up a new retirement savings account at a 4% annual interest rate (APR). Based on how you want to live in retirement, and any …
9. ### Math

(a) Themba wants to deposit a sum of money into a savings account so that he will have R30 000 in 3 years time for an overseas holiday how much money must he deposit into the account if the interest paid on the savings is 8,5% p.a …
10. ### Finance

You want to be able to withdraw \$25,000 from your account each year for 20 years after you retire. If you expect to retire in 25 years and your account earns 7% interest while saving for retirement and 6.7% interest while retired Round …

More Similar Questions