(Annuity payments) To pay for your child's education, you wish to have accumulated $14,000 at the end of 10 years To do this, you plan to deposit an equal anount into the bank at the end of each year If the bank is willing to pay 13 percent compounded annualy, how much must you deposit each year to obtain your goal? The amount of money you must deposit each year in order to obtain your goal is $ (Round to the nearest cent)
(Annuity payments) To pay for your child's education, you wish to have accumulated $14,000 at the end of 10 years To do this, you plan to deposit an equal anount into the bank at the end of each year If the bank is willing to pay 13 percent compounded annualy, how much must you deposit each year to obtain your goal? The amount of money you must deposit each year in order to obtain your goal is $ (Round to the nearest cent)
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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ASiithial 10) eymarta) o px s yous i odcoon, you wh o o axcumiiod $140008 s v O PAS Todots ) s o yob 1 b Wil 0oy Y3 scnconpoune o, o 15 Y W-flmmmmmflmnmhmmmmbmmmmn“ (Round 19 the nerest cont) .
Transcribed Image Text:6-8 (simliar to)
(Annuity payments) To pay for your child's education, you wish to have accumulated $14,000 at the end of 10 years To do this, you plan to depost an equal anount
into the bank at the end of each year If the bank is willing to pay 13 percent compounded annualy, how much must you deposit each year to obtain your goal?
The amount of money you must deposit each year in order to obtain your goal is $
(Round to the nearest cent)
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