SOLUTION: Please Help! Im stuck Problem: I want to be earning an annual salary of $100,00 when I retire in 15 years. I have been offered a job that guarantees an annual salary increase o

Question 1070078: Please Help! Im stuck
Problem:
I want to be earning an annual salary of $100,00 when I retire in 15 years. I have been offered a job that guarantees an annual salary increase of %4 per year, and the starting salary is negotiable. What salary should I request in order to meet my goal?
Thank you so much!
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
f = p * (1 + r) ^ n

f is the future value.
p is the present value.
r is the interest rate per time period.
n is the number of time periods.

your time periods are in years.

formula becomes:

100,000 = p * 1.04 ^ 15

solve for p to get p = 100,000 / (1.04 ^ 15).

you will get p = 55,526.45027.

that's what you should start with.

in 15 years, that salary will be equal to 100,000 a year.

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