You plan to deposit money for 4 consecutive years so that you can withdraw $50,000 twelve years from now. The deposits will be made at the end of years 3 through 6. Assume the interest rate is 8% per year. The annual deposit in years 3 through 6 is closest to_______?
You plan to deposit money for 4 consecutive years so that you can withdraw $50,000 twelve years from now. The deposits will be made at the end of years 3 through 6. Assume the interest rate is 8% per year. The annual deposit in years 3 through 6 is closest to_______?
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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Transcribed Image Text:You plan to deposit money for 4 consecutive years so that you can
withdraw $50, 000 twelve years from now. The deposits will be made at the
end of years 3 through 6. Assume the interest rate is 8% per year. The
annual deposit in years 3 through 6 is closest to_______?
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