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(Comprehensive problem) You would like to have $80,000 in 12 years. To accumulate this amount, you plan to deposit an equal sumin the bank each year that wil eam o percent nterest conpsunded amually Your first payment will be made at the end of the year, a How much must you deposit annualy to accumulate this amourt? b. If you decide to make a large lump-sum deposit today instead of the annual deposits, how targe should this lump-sum deposit be? (Assume you can eam 9 penrcent on this depost) c. At the end of five years, you will receive $15.000 and deposit this in the bank toward your goal of S60.000 at the mnd of year 12 In addtion te the Lutp-sum depost, now much must you depost in equal annual amounts, beginning in year 1 to reach your goal? (Again. assume you can eam e percent on your deposts) CID a. How muoh must you deposit annually to accumulate this amount? (Round to the nearest cert)

(Comprehensive problem) You would like to have $80,000 in 12 years. To accumulate this amount, you plan to deposit an equal sumin the bank each year that wil eam o percent nterest conpsunded amually Your first payment will be made at the end of the year, a How much must you deposit annualy to accumulate this amourt? b. If you decide to make a large lump-sum deposit today instead of the annual deposits, how targe should this lump-sum deposit be? (Assume you can eam 9 penrcent on this depost) c. At the end of five years, you will receive $15.000 and deposit this in the bank toward your goal of S60.000 at the mnd of year 12 In addtion te the Lutp-sum depost, now much must you depost in equal annual amounts, beginning in year 1 to reach your goal? (Again. assume you can eam e percent on your deposts) CID a. How muoh must you deposit annually to accumulate this amount? (Round to the nearest cert)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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(Comprehensive problem) You would like to have $80,000 in 12 years. To accumulate this amount, you plan to deposit an equal sumin the bank each year that wil eam o percent nterest conpsunded amually Your frst payment will be made at the end of the year, a How much must you depost annualy to accumulate this amourt? b. f you decide to make a large lump-sum deposit today instead of the armual deposits how targe should this lump-sum deposit be? (Assume you can eam 9 percent on this depost) c. At the end of five years, you will receive $15.000 and deposit this in the bank toward your goal of S60.000 at the emnd of year 12 In addtion to the Luntp-sum depost, now much must you depost in equal annual amounts, beginning in year 1 to reach your goal? (Again, assume you can eam percent on your deposts) a. How muoh must you deposit annually to accumulate this amount? (Round to the nearest cert)
Transcribed Image Text:(Comprehensive problem) You would like to have $80,000 in 12 years. To accumulate this amount, you plan to deposit an equal sumin the bank each year that wil eam o percent nterest conpsunded amually Your frst payment will be made at the end of the year, a How much must you depost annualy to accumulate this amourt? b. f you decide to make a large lump-sum deposit today instead of the armual deposits how targe should this lump-sum deposit be? (Assume you can eam 9 percent on this depost) c. At the end of five years, you will receive $15.000 and deposit this in the bank toward your goal of S60.000 at the emnd of year 12 In addtion to the Luntp-sum depost, now much must you depost in equal annual amounts, beginning in year 1 to reach your goal? (Again, assume you can eam percent on your deposts) a. How muoh must you deposit annually to accumulate this amount? (Round to the nearest cert)
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