Brain Hirt started business on January 1, 2000. Every year he plans to deposit Rs.2500 in his bank account, which earns 8 percent annually. First payment will start at the end of year 2000. On December 31, 2005, he used the entire balance in his bank account to invest in a certificate of deposit at 12 percent annually. How much he deposited in his bank account to invest in a certificate?

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Brain Hirt started business on January 1, 2000. Every year he plans to deposit Rs.2500 in his bank account, which earns 8 percent annually. First payment will start at the end of year 2000. On December 31, 2005, he used the entire balance in his bank account to invest in a certificate of deposit at 12 percent annually. How much he deposited in his bank account to invest in a certificate?
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