Answered: want to have $500,000 when you retire…

want to have $500,000 when you retire in 8 years. If you can earn 5% interest compound continuously, how much would you need to deposit now into the account to reach your retirement

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....

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You want to have $500,000 when you retire in 8 years. If you can earn 5% interest compound continuously, how much would you need to deposit now into the account to reach your retirement goal?

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