Dr. Pickens wants to buy a burger chain. He currently has $40,000. He needs to have $120,000 in 5 years. He can earn 12% compounded annually. If he saves money at the beginning of the year, how much must he save per year to meet his goal?

Donald Draper has no money after getting canned (fired) from his job as an advertising agent. He wants to have $4,500,000 in 25 years. How much would he need to steal and invest today assuming he can rob a bank and earn 12% compound annually. He will not add additional payments. He wants to know the lump sum needed to invest today.

Answer rating: 100% (QA)

To calculate how much Dr Pickens needs to save per year we can use the future value formula for comp... View the full answer