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

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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) About Me  (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