Maria wishes to accumulate $8,000 by the end of 5 years by making equal, annual, end-of-year deposits over the next 5 years. If Maria can earn 7% on her investments, how much must she deposit at the end of each year to meet this goal?
Maria wishes to accumulate $8,000 by the end of 5 years by making equal, annual, end-of-year deposits over the next 5 years. If Maria can earn 7% on her investments, how much must she deposit at the end of each year to meet this goal?
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 11E
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Maria wishes to accumulate $8,000 by the end of 5 years by making equal, annual, end-of-year deposits over the next 5 years. If Maria can earn 7% on her investments, how much must she deposit at the end of each year to meet this goal?
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