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? (Round your answer to the nearest cent.)

asked by Jenifer

  1. PV = FV / (1 + r)^n
    = 30000/(1.03)^30
    = $12,359.60

    posted by Kuai
  2. 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?

    posted by Ben

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