Question: Suppose you plan to have $ 7 0 , 0 0 0 in 1 0 years from now and you can invest your savings at

Suppose you plan to have $70,000 in 10 years from now and you can invest your savings at 7% compounded continuously. Assuming you can save the same amount of money each year, how much do you need to save on a yearly basis in order to achieve your goal? Hint: Treat your savings as an income stream.
Yearly savings (exact value)=
dollars
Yearly savings (rounded to the nearest cent)= dollars

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!