Suppose that your parents decide tổ make deposits into a savings account, With the first deposit being made on your fifth birthday and the last deposit being made on the 15th birthday. Then, starting on your 18th birthday, the withdrawals as shown will be made. If the effective annual interest rate is 8% during this period of time, what are the annual deposits in years 5 through 15? $3,200 $2,800 $2,400 $2,000 i- 8%/yr 9 10 11 12 13 14 15 16 17 Years 5th Birthday 6 18 19 20 21 %3D

Suppose that your parents decide tổ make deposits into a savings account, With the first deposit being made on your fifth birthday and the last deposit being made on the 15th birthday. Then, starting on your 18th birthday, the withdrawals as shown will be made. If the effective annual interest rate is 8% during this period of time, what are the annual deposits in years 5 through 15? $3,200 $2,800 $2,400 $2,000 i- 8%/yr 9 10 11 12 13 14 15 16 17 Years 5th Birthday 6 18 19 20 21 %3D

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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