Ask Question

Mitch opened a retirement account that has an annual yield of 4.2% compounding annually. He is planning on retiring in 13 years. How much must he deposit into that account each year so that he can have a total of $1,000,000 by the time he retires?

+1
Answers (1)
  1. 6 July, 19:01
    0
    P = 4878

    Step-by-step explanation:

    So we'll use the formula

    A = p (1+r/n) ^ (nt)

    A = 1000000

    P is the unknown

    R = 4.2

    N = 13

    T = 13

    1000000 = p (1 + 0.42/13) ^ 169

    1000000 = p (1.032) ^169

    1000000 = p 205

    P = 4878
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Mitch opened a retirement account that has an annual yield of 4.2% compounding annually. He is planning on retiring in 13 years. How much ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers