SOLUTION: can you please help me with this question;"Kevin saves money so that he will have $30,000 in 5 years. If his investment earns 6% interest, compounded annually, how much money does

SOLUTION: can you please help me with this question;"Kevin saves money so that he will have $30,000 in 5 years. If his investment earns 6% interest, compounded annually, how much money does

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Question 1002419: can you please help me with this question;"Kevin saves money so that he will have $30,000 in 5 years. If his investment earns 6% interest, compounded annually, how much money does he need to invest today to have $30,000 in 5 years?"
Thank you!
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po(1+.06}^5
P=30000
30000/Po=1.3382
Po, the starting amount, is 30000/1.3382=$22717.75
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