A person plans to invest $21,600 each year. The investment will earn 9% annually. If the person wants to accumulate $892,110 by the date of the last investment, how many annual investments must they make? Note: Use factor(s) from tables provided. Round "Table Factor" to 4 decimals. (PV of $1, FV of $1, PVA of $1, and FVA of $1) Future Value $ 892,110 Annuity Payment $ 21,600 Table Factor Annual Investments 41.3014 investments
A person plans to invest $21,600 each year. The investment will earn 9% annually. If the person wants to accumulate $892,110 by the date of the last investment, how many annual investments must they make? Note: Use factor(s) from tables provided. Round "Table Factor" to 4 decimals. (PV of $1, FV of $1, PVA of $1, and FVA of $1) Future Value $ 892,110 Annuity Payment $ 21,600 Table Factor Annual Investments 41.3014 investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:A person plans to invest $21,600 each year. The investment will earn 9% annually. If the person wants to accumulate $892,110 by the
date of the last investment, how many annual investments must they make?
Note: Use factor(s) from tables provided. Round "Table Factor" to 4 decimals. (PV of $1, FV of $1, PVA of $1, and FVA of $1)
Future Value
$ 892,110 ÷
Annuity Payment
$
21,600 =
Table Factor Annual Investments
investments
41.3014
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