document.write( "Question 448591: A family's plan to retire in 15 years and expect to need $500,000. Determine how much they must invest at 11.9% compounded annually to accomplish their goal. \n" ); document.write( "

Algebra.Com's Answer #308670 by ewatrrr(24785) $\"\"$ $\"About$

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document.write( "Hi,
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document.write( "A family's plan to retire in 15 years and expect to need $500,000.
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document.write( "Let P represent the amount invested at 11.9% compounded annually
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document.write( "A= p(1+r/n) ^nt 
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document.write( "$500,000= P(1.119) ^15
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document.write( " $500,000/(1.119^15) = P 
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document.write( "        $92,580.35 = P \n" );
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