SOLUTION: Please help with this question: If your goal was to make an investment today and have it grow to be $50,000 in 30 years at a simple interest rate of 9.23%, how much would you ha

Question 743689: Please help with this question:
If your goal was to make an investment today and have it grow to be $50,000 in 30 years at a simple interest rate of 9.23%, how much would you have to invest today in order to achieve that goal?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If your goal was to make an investment today and have it grow to be $50,000 in 30 years at a simple interest rate of 9.23%, how much would you have to invest today in order to achieve that goal?
--------
A(t) = P(1+rt)
50,000 = P(1+ 0.0923*10)
---
P = 50000/(1.923)
P = $26,001.04
---------------------
Cheers,
Stan H.
========================

RELATED QUESTIONS
How many years will it take for an initial investment of $950 to grow to $14,000 if it is (answered by ikleyn)

Please help me solve this word problem: An investor wants to have a retirement nest... (answered by jim_thompson5910)

A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 (answered by ikleyn)

Please help solving bi,ii Carter expects to live for 30 years more after his retirement. (answered by Theo)

Can you help me with this question please? 14) Rajesh and Priya plan to retire at age... (answered by ikleyn)

An investor wants to have a retirement nest egg of $100,000 and estimates that her... (answered by lwsshak3,josgarithmetic)

Question content area top Part 1 How much must be deposited today into the following... (answered by ikleyn)

Carter expects to live for 30 years more after his retirement. He would like to withdraw... (answered by asinus)

Question 2 (20 marks) a) Carter expects to live for 30 years more after his retirement.... (answered by asinus)