Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are 1 9 years old today. You want to have $ 3 8 1 , 5 0 7 . 0 6 in an investment

You are 19 years old today. You want to have $381,507.06 in an investment account when you are 60 years old. You will start with an initial deposit in one year from now and grow it by 3% per year for a total of 15 investments. How much is the amount of that initial deposit? Assume an interest rate (a.k.a. return on your investment of 6%.  Use the $ sign and a comma and round to the nearest thousand.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To determine the amount of the initial deposit we need to calculate the pr... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Finance questions