Mr. Smith wishes to retire in 16 years. When he retires he would like to have $500,000 in his bank account. Mr. Smith's bank pays 10% per year compounded annually. How much should he deposit now to attain

Mr. Smith wishes to retire in 16 years. When he retires he would like to have $500,000 in his bank account. Mr. Smith's bank pays 10% per year compounded annually. How much should he deposit now to attain his goal?

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Mr. Smith wishes to retire in 16 years. When he retires he would like to have $500,000 in his bank account. Mr. Smith's bank pays 10% per year compounded annually. How much…

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