Answer:
$95,335 (to the nearest whole number)
Step-by-step explanation:
Using the formula:
Amount = A * (1/(1+r)^t
where A = Anticipated Amount = $215,000
r = rate = 4.15% = 0.0415
t = time (in years) = 20
Substituting the above in the formula:
Amount = $215,000 * (1/1+0.0415)^20
= $215,000 * 0.44341922 = $95,335 (to the nearest whole number).
Therefore, the salary he should start at to reach his goal = $95,335