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Morgan Madison needs $244,400 in 10 years. Click here to view factor tables How much must...

Morgan Madison needs $244,400 in 10 years.

Click here to view factor tables

How much must he invest at the end of each year, at 5% interest, to meet his needs? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)

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Answer #1

Answer:

Future value of annuity=Annuity[(1+rate)^time period-1]/rate
244400=Annuity[(1.05)^10-1]/0.05
244400=Annuity*12.57789
Annuity=244400/12.57789
=$19,430.92
=$19,431(Approx).
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