question archive Mr Smith expects to retire in 20 years, and he wishes to accumulate $500,000 in his retirement fund by that time
Mr Smith expects to retire in 20 years, and he wishes to accumulate $500,000 in his retirement fund by that time
Subject:FinancePrice:2.86 Bought7
Mr Smith expects to retire in 20 years, and he wishes to accumulate $500,000 in his retirement fund by that time. If the interest rate is 10 percent per year, how much should Mr. Smith put into his retirement fund each year in order to achieve this goal? (Assume that he makes payments at the end of each year.). Round the answer to 2 decimal places, e.g. 0.01.
