A year ago, you deposited $30,000 into a retirement savings account at a fixed rate of 5.5 percent. Today, you could earn a fixed rate of 6.5 percent on a similar type account. However, your rate is fixed and cannot be adjusted. How much less could you have deposited last year if you could have earned a fixed rate of 6.5 percent and still have the same amount as you currently will when you retire 38 years from today?

Question

08-10-2019
Business

contestada

A year ago, you deposited $30,000 into a retirement savings account at a fixed rate of 5.5 percent. Today, you could earn a fixed rate of 6.5 percent on a similar type account. However, your rate is fixed and cannot be adjusted. How much less could you have deposited last year if you could have earned a fixed rate of 6.5 percent and still have the same amount as you currently will when you retire 38 years from today?

Respuesta :

Otras preguntas

A state's legislative branch makes laws and approves budgets. oversees agencies and the executive branch. organizes national, state, and local elections. overse

John is going to plant spinach in a rectangular area of his garden. The rectangle is 11 feet long and 7 feet wide. What is the area of this rectangle? 77 sq ft

PLS HURRY GIVING BRAINLIEST(05.02)Mr. Morris is going to save money and replace his sailboat's mainsail himself. He must determine the area of the mainsail in o

what is the circumference of a circle with a diameter of 7 in

A mother decides to teach her son about a letter each day of the week. She will choose a letter from the name of the day. For example, on Saturday she might tea

9/25 of 5kg is equal to ?

42 points I answered the seconed one please help !!!!!! the options to put in the categories are impossible, equally likely, certain, unlikely, likely

A hot-air balloon is released at ground level, and it rises into the air at a constant rate. After 5 seconds the height of the balloon is 20 feet. The balloon c

The length of the longer leg of a right triangle is 13 m more than three times the length of the shorter leg. The length of the hypotenuse is 14 m more than thr

Juan received a class assignment to write about organisms that live in extreme environments. While doing online, he found an image that showed microbial bodies

ujgerman ujgerman · Answer 1 · 2019-10-15T16:29:40+02:00

Answer:

How much less could you have deposited last year if you could have earned a fixed rate of 6.5 percent and still have the same amount as you currently will when you retire 38 years from toda

PV=29718,30

Explanation:

Calculte FV with interest 5,5%

F = P ( 1 + i * n )

FV=30000(1+5,5%)*38

FV=1202700

Calculate PV with interest 6,5%

F = P ( 1 + i * n )

1202700=x(1+6,5%)*38

PV=29718,30