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Step 1. 60,000/0.04 = 1,500,000
Step 2. (1.04)^25 = 2.6658
Step 3. 1/2.6658 = 0.375117
Step 4. 10.375117 = 0.6248832
Step 5. 0.6248835*1,500,000 = $937,324.80
Step 6 (if annuity due). $937,324.80*(1.04) = $974,817.79

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