Sali would like to send her parents on a cruise for their 25th wedding anniversary. She has pricedthe cruise at $15,000, and she has 5 years to accumulate this money. How much must Sali depositannually in an account paying 10 percent interest in order to have enough money to send herparents on the cruise?Select one:a. $1,862b. $3,000c. $2,234d. $2,457

Given, Future amount, F= $15, 000 interest rate, i= 10% time period, n= 5 years

Sali would like to send her parents on a cruise for their 25th wedding anniversary. She has priced he cruise at $15,000, and she has 5 years to accumulate this money. How much must Sali deposit nnually in an account paying 10 percent interest in order to have enough money to send her earents on the cruise? Select one: a. $1,862 b. $3,000 c. $2,234 d. $2,457

Sali would like to send her parents on a cruise for their 25th wedding anniversary. She has priced he cruise at $15,000, and she has 5 years to accumulate this money. How much must Sali deposit nnually in an account paying 10 percent interest in order to have enough money to send her earents on the cruise? Select one: a. $1,862 b. $3,000 c. $2,234 d. $2,457

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter16: Interest, Rent, And Profit

Section: Chapter Questions

Problem 1WNG

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