How much would you need to deposit now with a 5% interest to get to $3,000 a month?

He can live comfortably on $3000.00 per month for 10 years. How much money does he need to deposit now in an account earning 5% interest to be able to afford this amount? If he cuts his monthly payout in half, how much would he need to deposit now?
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1 Answer

yer werds R konfuzed...not kleer wot yu want

yu sae get out 3000$/month for 10 yeers...

yu kan duit if yu start with 3000*12*10=360,000$

just take the munee & ignore interest

###### but then yu sae 5% interest

perhaps yu wanna yuze up the munee over 10 yeers

Thats like liv off a annuity that pae out for 10 yeers

annuity formula is same as morgage paement

yu hav paement=3000$/month, 5% interest, & time span

anser=282,844$ yu gotta start with
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