Amy has an account that earns interest at a 10% annual effective rate of interest. She plans to make a level deposit at the beginning of each of the next 18 years so that her balance at the end of the 18 years will be $24000. What is the value of the required level deposit?
Amy has an account that earns interest at a 10% annual effective rate of interest. She plans to make a level deposit at the beginning of each of the next 18 years so that her balance at the end of the 18 years will be $24000. What is the value of the required level deposit?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 14PROB
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Amy has an account that earns interest at a 10% annual effective rate of interest. She plans to make a level deposit at the beginning of each of the next 18 years so that her balance at the end of the 18 years will be $24000. What is the value of the required level deposit?
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