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 Time Financial Goal $? at the end of each year 3% compounded annually 18 years $140,000 a.The periodic deposit is $_______. (Do not round until the final answer. Then round up to the nearest dollar asneeded.)
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 Time Financial Goal $? at the end of each year 3% compounded annually 18 years $140,000 a.The periodic deposit is $_______. (Do not round until the final answer. Then round up to the nearest dollar asneeded.)
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
Problem 1PS
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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
|
Time
|
Financial Goal
|
|
$? at the end of each year
|
3%
compounded annually |
18
years |
$140,000
|
a.The periodic deposit is $_______.
(Do not round until the final answer. Then round up to the nearest dollar asneeded.)
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