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You deposit $20,000 in the account now and you add an equal amount $X each year for the next 30 years. In 30 years, there
You deposit $20,000 in the account now and you add an equal amount $X each year for the next 30 years. In 30 years, there are $675,000 in your account. r=6%. How much did you add at the end of each year over the 30 years?
1. FV of $20,000 30 years from now = $
2. Solve for PMT = $ . that produces that new FV
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