Find the amount needed to deposit into an account today that will yield pension payments of...
Find the amount needed to deposit into an account today that will yield pension payments of $25,000 at the end of each of the next 25 years if the account earns interest at a rate of 4.5%/yr compounded annually. (Round your answer to the nearest cent.)
$
Homework Answers
Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate
=25000[1-(1.045)^-25]/0.045
=25000*14.828209
=$370705.23(Approx).
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