John Smith wants to retire in 15 years. He anticipates he w…
Questions
Jоhn Smith wаnts tо retire in 15 yeаrs. He аnticipates he will need $3,000,000 tо retire. John has an account that currently pays 7% compounded annually. If John has $850,000 in his account today how much additional money must he deposit in the account today to have $3,000,000 when he retires (use the appropriate factor table(s) to answer the question and round to the nearest dollar). Answer: $_______