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

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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) About Me  (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?
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A(t) = P(1+rt)
50,000 = P(1+ 0.0923*10)
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P = 50000/(1.923)
P = $26,001.04
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Cheers,
Stan H.
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