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I got the wrong answer below. Please give me the correct equation and the answer.

ATTACHED IS ALL INFORMATION!

It says 30 years!

Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $70,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 5% compounded annually? (Round your answer to the nearest cent.)

wrong answer.

14. [0/1 Points) DETAILS PREVIOUS ANSWERS SMITHNM13 11.1.047. 1/6 Submissions Used MY NOTES ASK YOUR TEACHER Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $70,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 5% compounded annually? (Round your answer to the nearest cent.) $ 16196.58 X Need Help? Read It Watch It Was this answer helpful? Anonymous answered this 272 answers IN THIS QUESTION GIVEN VALUE - P=$70000 RATE =5% TIME =30 YEARS Now, N=(1 compounding/year)x30 years = 30 compounding periods compound interest P=PO(1+R)^T 70000=PO(1+.05)^30 70000=PO(1.05)^30 PO=70000/4.3219 PO=16196.58 =16197 (approx) please rate my