SOLUTION: I need help on a word problem I hope this is the right place to ask. Thank you. A teacher wants to have $250,000 at retirement in 30 years by making a one time deposit in an acc

Question 61862: I need help on a word problem I hope this is the right place to ask. Thank you.
A teacher wants to have $250,000 at retirement in 30 years by making a one time deposit in an account offering 7% interest compounded quarterly. How much does the teacher need to deposit?
Use the formula:
P= A/(1+r/n)^nt
Found 2 solutions by stanbon, josmiceli:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A teacher wants to have $250,000 at retirement in 30 years by making a one time deposit in an account offering 7% interest compounded quarterly. How much does the teacher need to deposit?
Use the formula:
P= A(1+r/n)^nt
250000=A(1+0.07/4)^(4*30)
250000=A(8.0191834...)
A=$31,175.24 (amount she needs to deposit)
Cheers,
Stan H.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
I'll try

The deposit should be $31,188
Unless my calculator or I made an error
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