Joku wants to have $1,000,000 for retirement in 35years. He invest in a mutual fund paying an average of 8.7% each year compounded weekly. How much should he deposit into his mutual friend?
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Answer:
Answer and Explanation: 1
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Question 1)
Future Value of Annuity
= Annuity x ((1 + Rate)^Number of years - 1) / Rate
In the given question,
1000000 = Annuity x (1.12^30 - 1) /...
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How to Find the Value of an Annuity
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Chapter 21 / Lesson 15
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An annuity is a type of savings account that pays back the investor in the future. Learn the formula used to calculate an annuity's value, and understand the importance of labeling specific numbers to calculate an output over time.
Step-by-step explanation:
Future Value of Annuity
= Annuity x ((1 + Rate)^Number of years - 1) / Rate
In the given question,
1000000 = Annuity x (1.12^30 - 1) /...
See full answer below.
Become a member and unlock all Study Answers
Start today. Try it now
Learn more about this topic:
How to Find the Value of an Annuity
from