This investor started with $10,000 and ended up with $74,500 after 30 years, just

from the growth of that initial investment. Now, imagine they tried to use savings to

reach that same 30-year goal. If they start with $10,000, how much would they

need to save each year to have $74,500 after 30 years? Assume they don't earn

interest on savings.

would they need to save to have $74,500 after 30 years

Question

26-04-2022
Business

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This investor started with $10,000 and ended up with $74,500 after 30 years, just

from the growth of that initial investment. Now, imagine they tried to use savings to

reach that same 30-year goal. If they start with $10,000, how much would they

need to save each year to have $74,500 after 30 years? Assume they don't earn

interest on savings.

would they need to save to have $74,500 after 30 years

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anthougo anthougo · Answer 1 · 2022-05-09T13:09:41+02:00

Assuming that interest is not earned on savings, the annual saving to save $74,500 with an initial capital of $10,000 is $2,150.

What is interest?

Interest refers to the finance charge or income that is added to a periodic saving.

The interest (simple or compounding) increases the amount of the funds at the end of its maturity period.

We can compute the compound interest using an online finance charge.

Data and Calculations:

Initial investment = $10,000

Investment balance after 30 years = $74,500

To save $74,500 with an initial capital of $10,000 without interest, the annual saving is $2,150 ($74,500 - $10,000)/30.

Thus, assuming that interest is not earned on savings, the annual saving to save $74,500 with an initial capital of $10,000 is $2,150.

Learn more about interest calculations at https://brainly.com/question/25545513

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