SOLUTION: wilma wants to have 2,000,000 when she retires in 45 yrs assuming she can average a 4.5%return- how much should she invest now? I got the rule down I believe as p=a(1+I)^n but not

Algebra ->  Matrices-and-determiminant -> SOLUTION: wilma wants to have 2,000,000 when she retires in 45 yrs assuming she can average a 4.5%return- how much should she invest now? I got the rule down I believe as p=a(1+I)^n but not       Log On


   

Question 223984: wilma wants to have 2,000,000 when she retires in 45 yrs assuming she can average a 4.5%return- how much should she invest now? I got the rule down I believe as p=a(1+I)^n but not sure how to put it together
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
P=A/(1+r)^45
P=2000000/(1.045)^45
P=2000000/7.2482
P=$275,930.58