Suppose you want to have $0.5 million saved by the time you reach the age of 30 years and suppose that you are 20 years old now. If you can earn 5% on your funds, how much would…

Question

asked Aug 13, 2021 152k views

1 Answer

Sebastian The Crab · Answer 1 · 2021-08-18T01:34:28+0000

Answer:

$306,956,6268

Explanation:

Future value, FV = Present value PV [1 + rate]^t

PV = FV/[1 + rate]^t

PV = 500,000/[1.05]^10

PV = $306,956,6268