You currently have $250,000 in your retirement account. What equal annual amount must you deposit for the next 13 years to have a total of $500,000 in the account after the 13th deposit? The interest rate on the account is 8% per year and you make your first deposit one year from today.

You currently have $250,000 in your retirement account. What equal annual amount must you deposit for the next 13 years to have a total of $500,000 in the account after the 13th deposit? The interest rate on the account is 8% per year and you make your first deposit one year from today.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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