Problem 9-30 (Algo) Payments required [LO4] You need $24,756 at the end of 8 years, and your only investment outlet is an 9 percent long-term certificate of deposit (com annually). With the certificate of deposit, you make an initial investment at the beginning of the first year. Use Appendix B and Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods. ⚫. What single payment could be made at the beginning of the first year to achieve this objective? Note: Do not round Intermediate calculations. Round your final answer to 2 decimal places. Single payment made b. What amount could you pay at the end of each year annually for 8 years to achieve this same objective? Note: Do not round Intermediate calculations. Round your final answer to 2 decimal places. Amount to be paid
Problem 9-30 (Algo) Payments required [LO4] You need $24,756 at the end of 8 years, and your only investment outlet is an 9 percent long-term certificate of deposit (com annually). With the certificate of deposit, you make an initial investment at the beginning of the first year. Use Appendix B and Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods. ⚫. What single payment could be made at the beginning of the first year to achieve this objective? Note: Do not round Intermediate calculations. Round your final answer to 2 decimal places. Single payment made b. What amount could you pay at the end of each year annually for 8 years to achieve this same objective? Note: Do not round Intermediate calculations. Round your final answer to 2 decimal places. Amount to be paid
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 3PB: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...
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![Problem 9-30 (Algo) Payments required [LO4]
You need $24,756 at the end of 8 years, and your only investment outlet is an 9 percent long-term certificate of deposit (compounded
annually). With the certificate of deposit, you make an initial investment at the beginning of the first year. Use Appendix B and
Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods.
a. What single payment could be made at the beginning of the first year to achieve this objective?
Note: Do not round Intermediate calculations. Round your final answer to 2 decimal places.
Single payment made
b. What amount could you pay at the end of each year annually for 8 years to achieve this same objective?
Note: Do not round Intermediate calculations. Round your final answer to 2 decimal places.
Amount to be paid](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe23feda9-6680-4714-bad5-eb3bad054451%2Fb22e3a89-22aa-4a27-9827-05463b1bddf5%2Fl7ndotk_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 9-30 (Algo) Payments required [LO4]
You need $24,756 at the end of 8 years, and your only investment outlet is an 9 percent long-term certificate of deposit (compounded
annually). With the certificate of deposit, you make an initial investment at the beginning of the first year. Use Appendix B and
Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods.
a. What single payment could be made at the beginning of the first year to achieve this objective?
Note: Do not round Intermediate calculations. Round your final answer to 2 decimal places.
Single payment made
b. What amount could you pay at the end of each year annually for 8 years to achieve this same objective?
Note: Do not round Intermediate calculations. Round your final answer to 2 decimal places.
Amount to be paid
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