John had 2000 € on his account in the end of 2017. He wants to have 10 000 € by the end of year 2024. How much should he deposit annually at the end of every year between 2018 and 2024 to save that amount? His account has 2 % interets rate and the source tax is 30 %. Consider carefully the signs of the amounts to get the correct answer! Present value Future value Number of payments Interest rate Source tax Net interest rate Payment

John had 2000 € on his account in the end of 2017. He wants to have 10 000 € by the end of year 2024. How much should he deposit annually at the end of every year between 2018 and 2024 to save that amount? His account has 2 % interets rate and the source tax is 30 %. Consider carefully the signs of the amounts to get the correct answer! Present value Future value Number of payments Interest rate Source tax Net interest rate Payment

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 6FPE

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