math

A family's plan to retire in 15 years and expect to need \$500,000. Determine how much they must invest at 7.6% compounded annually to accomplish their goal.

1. 👍 0
2. 👎 0
3. 👁 106
1. The compound interest formula is:
500000=P*(1.076)^15

Solve for P, the present value.

1. 👍 0
2. 👎 0

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