SOLUTION: a 30 year old worker plans to retire at age 65. He believes that $750,000 is needed to retire comfortably. How much should be deposited now at 5.5% compounded continuously to meet
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Question 316332: a 30 year old worker plans to retire at age 65. He believes that $750,000 is needed to retire comfortably. How much should be deposited now at 5.5% compounded continuously to meet his retirement goal? Answer by checkley77(12844) (Show Source):
You can put this solution on YOUR website! I=pe^(rt)
I=p*2.7182^(.055*35)
750,000=p*2.7182^1.925
750,000=p*6.855
p=750,000/6.855
p=$109,409.19 is the amount to be invested.
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