Yoir neighbour would like to set money asideto purchase land in 15 years. Theybwould like to gabe S500,000 set aside in 15 years, if they make annual payments and can earn 12% interest per year, howmuch money do they need to invest each year?

Annual payment refers to an amount that is paid every year for the accumulation of money for the…

Yoir neighbour would like to set money asideto purchase land in 15 years. Theybwould like to gabe $ 500,000 set aside in 15 years, if they make annual payments and can earn 12%interest per year, how much miney do they need to invest each year?

Yoir neighbour would like to set money asideto purchase land in 15 years. Theybwould like to gabe $ 500,000 set aside in 15 years, if they make annual payments and can earn 12%interest per year, how much miney do they need to invest each year?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 8E

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Yoir neighbour would like to set money asideto purchase land in 15 years. Theybwould like to gabe S
500,000 set aside in 15 years, if they make annual payments and can earn 12% interest per year, how
much money do they need to invest each year?

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