A man decides to start a 30year plan fund for his son, he wants him to receive 1,000,000 per year for 10years (21st-30t") year), 20 years from now. What amount should he invest at the end of each year for 10 years (1st-10th year) if the interest rate is 4% compounded annually.
A man decides to start a 30year plan fund for his son, he wants him to receive 1,000,000 per year for 10years (21st-30t") year), 20 years from now. What amount should he invest at the end of each year for 10 years (1st-10th year) if the interest rate is 4% compounded annually.
Chapter1: Making Economics Decisions
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![A man decides to start a 30year plan fund for his son, he wants him to receive 1,000,000 per year for 10years (21st-30t")
year), 20 years from now. What amount should he invest at the end of each year for 10 years (1st-10th year) if the interest
rate is 4% compounded annually.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd3bf92a-1228-441f-9c5b-aa076efc239a%2Fa0231523-f8a3-4191-805a-d4afb16bc623%2Fh1qvjvd.png&w=3840&q=75)
Transcribed Image Text:A man decides to start a 30year plan fund for his son, he wants him to receive 1,000,000 per year for 10years (21st-30t")
year), 20 years from now. What amount should he invest at the end of each year for 10 years (1st-10th year) if the interest
rate is 4% compounded annually.
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