You plan to spend $400 to buy a new IPAD at the beginning of year3 and $1,000 to buy a new phone at the End of year 6. By using excel, please calculate how much you need to save in each year? Suppose you deposit in the beginning of each year. Suppose your last deposit is at the beginning of year 6. Interest rate is 8%. Answers should be rounded to the 2nd decimal place.
You plan to spend $400 to buy a new IPAD at the beginning of year3 and $1,000 to buy a new phone at the End of year 6. By using excel, please calculate how much you need to save in each year? Suppose you deposit in the beginning of each year. Suppose your last deposit is at the beginning of year 6. Interest rate is 8%. Answers should be rounded to the 2nd decimal place.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 7CE
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You plan to spend $400 to buy a new IPAD at the beginning of year3 and $1,000 to buy a new phone at the End of year 6. By using excel, please calculate how much you need to save in each year? Suppose you deposit in the beginning of each year. Suppose your last deposit is at the beginning of year 6. Interest rate is 8%. Answers should be rounded to the 2nd decimal place.
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