How much would you need to invest on your 16th birthday at 3% per year, compounded quarterly, to have $750,000 by your 60th birthday? (TVM Solver)

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Mathematics

Lara Burns

4 February, 18:10

How much would you need to invest on your 16th birthday at 3% per year, compounded quarterly, to have $750,000 by your 60th birthday? (TVM Solver)

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Isai Crosby · Answer 1

A=p (1+r/k) ^kn

A future value 750000

P present value?

R interest rate 0.03

K compounded quarterly 4

N time 60-16=44 years

P=A / (1+r/k) ^kn

P=750,000: (1+0.03:4) ^ (4*44)

p=201,340.72