algebra

posted by Ben

Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $50,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 3% compounded annually?

My answer is $20,559.34, however, the module says its incorrect.

  1. Reiny

    P(1.03)^30 = 50000
    P = 50000/1.03^30
    = 20599.34

    the same as yours.

    No idea why they wont' take it

Respond to this Question

First Name

Your Answer

Similar Questions

  1. Math

    Suppose an insurance agent offers you a policy that will provide you with a yearly income of 50,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 6% compounded annually?
  2. Algebra

    Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $50,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 5% compounded annually?
  3. Finance

    Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $40,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 5% compounded annually?
  4. Algebra

    Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $40,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 6% compounded annually?
  5. finance

    Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $50,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 4% compounded annually?
  6. algebra

    Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $30,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 3% compounded annually?
  7. math

    Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $60,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 6% compounded annually?
  8. Algebra

    suppose that an insurance agent offers you a policy that will provide you with a yearly income of $60,000 in 30 years what is the comparable salary today, assuming inflation rate of 3% compounded annually. round the answer to the nearest …
  9. math

    Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $80,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 4% compounded annually?
  10. finance

    Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $50,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 6% compounded annually?

More Similar Questions