Question

how much money should be deposited each year for 13 years

Score: 0 of 10 pts Instructor-created question Hw Score: 56%, 56 of 1 Help How much

Answer 1

The deposit of amount every year up to 13 years is $400.

Explanation:

As per the given question, the amount of deposit in every year up to 13 years is $400 approximately. If they wish to withdraw $324 every year until 5 years then the balance of amount had in an account in $76 in the first year. In the second year the deposit of amount $400 and rest of balance in the account of $76 equal to $476 so they can allow the amount to withdraw $324. If they didn’t withdraw of $324 of an amount, so the total deposit of amount and interest of 7% per annum equals to the total amount in 14^th year is $38,948

So, the final answer for deposit of amount in every year up to 13 years is $400.