K (Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $12,000 at the end of 9 years. To do this, you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay 8 percent compounded annually, how much must you deposit each year to reach your goal? To reach your goal, your annual deposit must be $ (Round to the nearest cent.) Show work N
K (Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $12,000 at the end of 9 years. To do this, you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay 8 percent compounded annually, how much must you deposit each year to reach your goal? To reach your goal, your annual deposit must be $ (Round to the nearest cent.) Show work N
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.17E
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