If Mrs. Beach wanted to invest a lump sum of money today to have $100,000 when she retired at 65 (she is 40 years old today) how much of a deposit would she have to make if the interest rate on the...

If Mrs. Beach wanted to invest a lump sum of money today to have $100,000 when she retired at 65 (she is 40 years old today) how much of a deposit would she have to make if the interest rate on the C.D. was 5%?

Answered Same DayDec 20, 2021

Answer To: If Mrs. Beach wanted to invest a lump sum of money today to have $100,000 when she retired at 65...

Robert answered on Dec 20 2021

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If Mrs. Beach wanted to invest a lump sum of money today to have $100,000 when she retired at 65 (she
is 40 years old today) how much of a deposit would she have to make if the interest rate on the C.D. was
5%?
Solution:
Let the money invested today be P
The amount she received after (65 –...

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If Mrs. Beach wanted to invest a lump sum of money today to have $100,000 when she retired at 65 (she is 40 years old today) how much of a deposit would she have to make if the interest rate on the...

Answer To: If Mrs. Beach wanted to invest a lump sum of money today to have $100,000 when she retired at 65...

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