Assume your goal in life is to retire with three million dollars. How much would you need to save at the end of each year if interest rates average 5% and you have a 10-year work life (the closest answer)

$200,000 every year

Explanation:

Assuming you are saving without compounding your interest

Applying the Simple interest/Formula

A = P (1 + rt)

A=final amount

P=initial principal balance

r=annual interest rate

t=time (in years)

Given A=$3,000,000

P=?

r=5%

t=10 years

Substituting we have

Calculation:

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year.

Solving our equation:

3,000,000 = P(1 + (0.05 × 10)

3,000,000 = P(1 + (0.5)

3,000,000 = 1.5P

P=3,000,000/1.5

P=$2,000,000

The amount to be saved at 5% interest rate per year is

2,000,000/10

$200,000 every year

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