MATH HELP - How much would you need to deposit in a savings account so that this amount would be your annual interest? ?
2020-11-24 2:16 pm
Suppose you want to have the equivalent of $45,000 in today’s dollars in the year you retire. Assume the annual inflation rate is 3.2% with an APY of 2.5%. The year is 2020 and you want to retire in 2062. Please show the steps !!
回答 (1)
2020-11-24 7:04 pm
✔ 最佳答案
45,000*1.032^42= $168,950.62 This is the amount in 2062 equivalent to $45,000 in 2020.168,950.62/0.025= $6,758,024.80 This is the amount needed in 2062 to get the income equivalent to $45,000 in 2020.
6,758,024.80/1.025^42= $2,395,617.27 This is the amount to deposit in 2020.
收錄日期: 2021-04-24 08:11:05
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