Periodic Deposit $? at the end of each year Financial Goal $160,000 Rate Time 15 years |5% compounded annually

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.3: Geometric Sequences And Series
Problem 8ECP: An investor deposits $70 on the first day of each month in an account that pays 2 interest,...
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a. Use the appropriate formula to determine the periodic deposit.
b. How much of the financial goal comes from deposits and how much comes from interest?
Periodic Deposit
$? at the end of each year
Financial Goal
Time
15 years
Rate
5% compounded annually
$160,000
i Click the icon to view some finance formulas.
a. The periodic deposit is $.
(Do not round until the final answer. Then round up to the nearest dollar as needed.)
b. $
of the $160,000 comes from deposits and $
comes from interest.
(Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
Transcribed Image Text:a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit $? at the end of each year Financial Goal Time 15 years Rate 5% compounded annually $160,000 i Click the icon to view some finance formulas. a. The periodic deposit is $. (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $ of the $160,000 comes from deposits and $ comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
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