Question

Suppose you want to accumulate $ 150,000 for your retirement in 30 years. You want

to make a one-time deposit. How much should you deposit into an account with
continuous compounding at an APR of 4.8%? Round your answer to the nearest cent.​

Answer 1

$61,500

Explanation:

$61,500

x

4.8% (.048)

=

$2952 yearly

x

30 years

=

$88,560

+

Initial Deposit of $61,500

=

$150,060