How much money was deposited each year for 10 years if the account is now worth S500,000 and the last deposit was made 10 years ago? Assume the account earned interest at 10% per year. O $12,095.53 O S13,305.09 O S11,352.89 O S14,399.81

How much money was deposited each year for 10 years if the account is now worth S500,000 and the last deposit was made 10 years ago? Assume the account earned interest at 10% per year. O $12,095.53 O S13,305.09 O S11,352.89 O S14,399.81

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Question

How much money was deposited each year for 10 years if the account is now worth S500,000 and the last deposit
was made 10 years ago? Assume the account earned interest at 10% per year.
O $12,095.53
O $13,305.09
O $11,352.89
O S14,399.81

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