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Brief Exercise 6-6 Leon Madison needs $357,600 in 10 years. Click here to view factor tables...

Brief Exercise 6-6

Leon Madison needs $357,600 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.)

Investment amount

$

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Answer #1

Future value of annuity=Annuity[(1+rate)^time period-1]/rate

357600=Annuity[(1.05)^10-1]/0.05

357600=Annuity*12.57789

Annuity=357600/12.57789

=$28431(Approx).

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