Question

Carlito wants to save $50,000 over 30 years. His bank has a savings account that offers 4% interest, compounded quarterly. How much does he need to deposit into the account in order to reach his desired goal?

Answer 1

Answer: $ 165,019.34

Step-by-step explanation: I used this formula to calculate it "A = Pe^rt."

I'm not sure if it's correct but I tried.

A = P + I where

P (principal) = $ 50,000.00

I (interest) = $ 115,019.34