a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate $? at the end of each year 4% compounded annually Time 15 years Financial Goal $160,000 Click the icon to view some finance formulas. a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.) Formulas In the provided formulas, P is the deposit made at the end of each compounding period, r is the annual interest rate of the annuity in decimal form, n is the number of compounding periods per year, and A is the value of the annuity after t years. P 1+ P[(1+r)-1] A = A= r n 10 nt 1 A A P = nt -
a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate $? at the end of each year 4% compounded annually Time 15 years Financial Goal $160,000 Click the icon to view some finance formulas. a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.) Formulas In the provided formulas, P is the deposit made at the end of each compounding period, r is the annual interest rate of the annuity in decimal form, n is the number of compounding periods per year, and A is the value of the annuity after t years. P 1+ P[(1+r)-1] A = A= r n 10 nt 1 A A P = nt -
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
The periodic deposit is $
(Do not round until the final answer. Then round up to the nearest dollar as needed.)
$ of the $130,000 comes from deposits and $
comes from interest.
(Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
![a. Use the appropriate formula to determine the periodic deposit.
b. How much of the financial goal comes from deposits and how much comes from interest?
Periodic Deposit
Rate
$? at the end of each year
4% compounded annually
Time
15 years
Financial Goal
$160,000
Click the icon to view some finance formulas.
a. The periodic deposit is $
(Do not round until the final answer. Then round up to the nearest dollar as needed.)
Formulas
In the provided formulas, P is the deposit made at the end of each
compounding period, r is the annual interest rate of the annuity in decimal form, n
is the number of compounding periods per year, and A is the value of the annuity
after t years.
P 1+
P[(1+r)-1]
A =
A=
r
n
10
nt
1
A
A
P =
nt
-](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4a2e414e-fcf2-4f1c-8cc3-03a5a88d07f2%2F07e0272c-42e8-4aef-95b9-8dd9f1940759%2Fqterd7g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:a. Use the appropriate formula to determine the periodic deposit.
b. How much of the financial goal comes from deposits and how much comes from interest?
Periodic Deposit
Rate
$? at the end of each year
4% compounded annually
Time
15 years
Financial Goal
$160,000
Click the icon to view some finance formulas.
a. The periodic deposit is $
(Do not round until the final answer. Then round up to the nearest dollar as needed.)
Formulas
In the provided formulas, P is the deposit made at the end of each
compounding period, r is the annual interest rate of the annuity in decimal form, n
is the number of compounding periods per year, and A is the value of the annuity
after t years.
P 1+
P[(1+r)-1]
A =
A=
r
n
10
nt
1
A
A
P =
nt
-
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