SOLUTION: If I wanted to have $150000.00 when I retire in 10 years and I'm investing into a high yield bond that pays 7% compounded annually, what do I have to invest today to achieve my goa

SOLUTION: If I wanted to have $150000.00 when I retire in 10 years and I'm investing into a high yield bond that pays 7% compounded annually, what do I have to invest today to achieve my goa

Algebra.Com

Question 421106: If I wanted to have $150000.00 when I retire in 10 years and I'm investing into a high yield bond that pays 7% compounded annually, what do I have to invest today to achieve my goal?
can someone tell me the formula to solve the equation?
Answer by mananth(16949) (Show Source): You can put this solution on YOUR website!
Amount = 150,000
p=?
r=7
n=10
..
150,000/ (1+0.07)^10 = Principal
Principal = 76,252.39
RELATED QUESTIONS
A bond that matures in 7 years sells for $1,020. The bond has a face value of $1,000 and... (answered by ikleyn)

If interest rates stay at 5% APR and I continue to make my monthly $25... (answered by ikleyn,Alan3354)

You have $500,000 in an IRA when you retire. You have the option of investing this money (answered by Mathtut)

Hi I have been trying and trying to find out this answer on my own and I just can't... (answered by rothauserc,MathTherapy)

Ok I have a problem that I believe I solved but I just want to be sure I am completing it (answered by stanbon)

How much each year would you have to put into a savings account, paying 7% interest, so (answered by Alan3354)

i have 10,000.00 and I decided to invest some money in a savings account that pays 2%... (answered by mananth)

Willie owns and manages a number of real-estate rental properties in town and enjoys... (answered by solver91311)

Your goal is to retire with $500,000. If you have realized $75,250 from selling off your (answered by mananth)