Tanja wants to establish an account that will supplement her retirement income beginning 15 years from now. Find the lump sum she must deposit today so that $400,000 will be available at time of retirement, if the interest rate is 9%, compounded quarterly. How much must Tanja invest? P=$ (Round to the nearest cent as needed.)
Tanja wants to establish an account that will supplement her retirement income beginning 15 years from now. Find the lump sum she must deposit today so that $400,000 will be available at time of retirement, if the interest rate is 9%, compounded quarterly. How much must Tanja invest? P=$ (Round to the nearest cent as needed.)
Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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![Tanja wants to establish an account that will supplement her retirement income beginning 15 years from now. Find the lump sum she must deposit today so that $400,000 will be available at the time of retirement, if the interest rate is 9%, compounded quarterly.
---
**How much must Tanja invest?**
\( P = \$ \) [Text Box]
(Round to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e0f1ad0-c863-431e-a076-23b278670137%2Ff3148972-fd59-4788-9c55-edda970424fc%2Fzm7nsa_processed.png&w=3840&q=75)
Transcribed Image Text:Tanja wants to establish an account that will supplement her retirement income beginning 15 years from now. Find the lump sum she must deposit today so that $400,000 will be available at the time of retirement, if the interest rate is 9%, compounded quarterly.
---
**How much must Tanja invest?**
\( P = \$ \) [Text Box]
(Round to the nearest cent as needed.)
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