You want to have $2,000,000 in your savings account seven years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 5.25 percent interest, what amount must you deposit each year?
You want to have $2,000,000 in your savings account seven years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 5.25 percent interest, what amount must you deposit each year?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 25P
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You want to have $2,000,000 in your savings account seven years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 5.25 percent interest, what amount must you deposit each year?
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