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Mike J.

asked • 22d

Exponential Growth Problem

Edgar wants to celebrate his retirement at age 70 with a trip around the world. He estimates that he will need $100,000 to take this trip. Edgar is currently 30 years old. How much money would he need to invest today in a retirement fund paying 15% interest so that he could afford his trip? Note: Edgar is going to make one deposit into the account and let the money and interest just sit there are grow: Answer

How much money would Edgar need to deposit if he waited until he was 45 years old before he made that one deposit: Answer

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