I need to save $5000 for building an emergency fund in 5 years. How much do I need to save every year to achieve my goal. Assume current interest rates are 5%

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 22E
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I need to save $5000 for building an emergency fund in 5 years. How much do I need to save every year to achieve my goal. Assume current
interest rates are 5%
Transcribed Image Text:I need to save $5000 for building an emergency fund in 5 years. How much do I need to save every year to achieve my goal. Assume current interest rates are 5%
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