You wanted to accumulate $20,000 in 5 years from now and you decided to deposit 5 deposits with same amount at end of each year for 5 years, starting 1 year from now. If the real rate is 4% per year and expected inflation rate is 3% per year. How much minimum you need to deposit each year to reach your goal? 4,000 3,653 3,349 3,470
You wanted to accumulate $20,000 in 5 years from now and you decided to deposit 5 deposits with same amount at end of each year for 5 years, starting 1 year from now. If the real rate is 4% per year and expected inflation rate is 3% per year. How much minimum you need to deposit each year to reach your goal? 4,000 3,653 3,349 3,470
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
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