A couple has $25,000 in their retirement savings today. How many years do they have to save at 6%, putting in $1,000 at the beginning of each year, to achieve $80,000? please provide math equation

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section3.2: Solve Percent Applications
Problem 3.39TI: Areli invested a principal of $950 in her bank account with interest rate 3%. How much interest did...
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A couple has $25,000 in their retirement
savings today. How many years do they have
to save at 6%, putting in $1,000 at the
beginning of each year, to achieve $80,000?
please provide math equation
Transcribed Image Text:A couple has $25,000 in their retirement savings today. How many years do they have to save at 6%, putting in $1,000 at the beginning of each year, to achieve $80,000? please provide math equation
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