For the case shown in the following table, determine the amount of the equal, end-of-year...
For the case shown in the following table,
determine
the amount of the equal, end-of-year deposits necessary to accumulate the given sum at the end of the specified period, assuming the stated annual interest rate. (Click on the icon here
in order to copy the contents of the data table below into a spreadsheet.)
|
Sum to be accumulated |
Accumulation period (years) |
Interest rate |
|
$95,500 |
3 |
9% |
The amount of the end-of-year annual deposit is
$
(Round to the nearest cent.)
Homework Answers
Future value = Annuity * [(1 + r)n - 1] / r
95,500 = Annuity * [(1 + 0.09)3 - 1] / 0.09
95,500 = Annuity * [1.295029 - 1] / 0.09
95,500 = Annuity * 3.2781
Annuity = $29,132.73
End of the year deposits will be $29,132.73
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