Question

On Juan’s twenty-sixth birthday, he invested $7,500 in a retirement account. Each year thereafter, he deposited 8 percent more than the previous deposit. The account paid annual compound interest of 5 percent. If Juan decided to wait 10 years before investing for retirement,

how much would he have to invest at that time to have the same account balance on his sixtieth birthday?

please round the answer to the nearest Dollar !

The answer is not 20,306.24 it is wrong i have tried it.  

Answer 1

				With initial investement $20306.24 for 24 years
With initial investement of $7500 for 34 years				0	24	$65,489.65
		Annual yeild		1	23	$67,360.79
0	34	$39,400.11		2	22	$69,285.38
1	33	$40,525.83		3	21	$71,264.96
2	32	$41,683.71		4	20	$73,301.10
3	31	$42,874.67		5	19	$75,395.42
4	30	$44,099.66		6	18	$77,549.58
5	29	$45,359.65		7	17	$79,765.28
6	28	$46,655.64		8	16	$82,044.29
7	27	$47,988.66		9	15	$84,388.41
8	26	$49,359.76		10	14	$86,799.51
9	25	$50,770.04		11	13	$89,279.49
10	24	$52,220.62		12	12	$91,830.34
11	23	$53,712.63		13	11	$94,454.06
12	22	$55,247.28		14	10	$97,152.75
13	21	$56,825.77		15	9	$99,928.54
14	20	$58,449.37		16	8	$102,783.64
15	19	$60,119.35		17	7	$105,720.32
16	18	$61,837.05		18	6	$108,740.90
17	17	$63,603.82		19	5	$111,847.78
18	16	$65,421.07		20	4	$115,043.43
19	15	$67,290.24		21	3	$118,330.38
20	14	$69,212.82		22	2	$121,711.25
21	13	$71,190.33		23	1	$125,188.72
22	12	$73,224.34		Total		$2,214,655.96
23	11	$75,316.47
24	10	$77,468.36
25	9	$79,681.75
26	8	$81,958.37
27	7	$84,300.04
28	6	$86,708.61
29	5	$89,186.00
30	4	$91,734.17
31	3	$94,355.14
32	2	$97,051.01
33	1	$99,823.89
Total		$2,214,656.23

Hence the investment = $20306