You plan to accumulate $271,000 over a period of 18 years by making equal annual deposits...

Question

Question

You plan to accumulate $271,000 over a period of 18 years by making equal annual deposits...

You plan to accumulate $271,000 over a period of 18 years by making equal annual deposits in an account that pays an annual interest rate of 11% (assume all payments will occur at the end of each year). What amount must you deposit each year to reach your goal?

$58,933.27

$4,844.52

$41,414.81

$5,377.42

business finance

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Ev, 27(000 2 9 2

Add a comment

Answer 2

Similar Homework Help Questions

You plan to accumulate $271,000 over a period of 18 years by making equal annual deposits...

You plan to accumulate $271,000 over a period of 18 years by making equal annual deposits in an account that pays an annual interest rate of 11% (assume all payments will occur at the end of each year). What amount must you deposit each year to reach your goal? $58,933.27 $4,844.52 $41,414.81 $5,377.42 $4,263.18
You plan to accumulate $133,000 over a period of 14 years by making equal annual deposits...

You plan to accumulate $133,000 over a period of 14 years by making equal annual deposits in an account that pays an annual interest rate of 12% (assume all payments will occur at the beginning of each year). What amount must you deposit each year to reach your goal? $3,226.05 $4,105.88 $27,214.44 $38,726.14 $3,665.96
1. You would like to save $70 000 in 10 years. To accumulate this amount, you...

1. You would like to save $70 000 in 10 years. To accumulate this amount, you plan to make a regular deposit with an equal amount of cash into a saving account at the end of each year. This account will earn 6% p.a interest compounded annually. Your first payment will be made at the end of this year. a. How much must you deposit annually to accumulate this amount in 10 years? b. If you decide to make a...

11-16 I need help quick 9. You are offered an annuity that will pay $24,000 per...

11-16 I need help quick 9. You are offered an annuity that will pay $24,000 per year for 11 years (the first payment will occur one year from today). If you feel that the appropriate discount rate is 13%, what is the annuity worth to you today? AnnPay - 24,000 DR = 13 S 134PMT -24,00 world tried It Yrs 86-59 CK NO 1 FV-O Current value of annuity in 136,486.59 10. If you deposit $16,000 per year for 12...
You need to accumulate $10,000. To do so, you plan to make deposits of $1,950 per...

You need to accumulate $10,000. To do so, you plan to make deposits of $1,950 per year - with the first payment being made a year from today - into a bank account that pays 8.05% annual interest. Your last deposit will be less than $1,950 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? How large will the last deposit be?
You need to accumulate $10,000. To do so, you plan to make deposits of $1,950 per...

You need to accumulate $10,000. To do so, you plan to make deposits of $1,950 per year - with the first payment being made a year from today - into a bank account that pays 8.05% annual interest. Your last deposit will be less than $1,950 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? How large will the last deposit be?

(Complex present value) You would like to have $30,000 in 16 years. To accumulate this amount...

(Complex present value) You would like to have $30,000 in 16 years. To accumulate this amount you plan to deposit each year an equal sum in the bank, which will earn 7 percent interest compounded annually. Your first payment will be made at the end of the year. a. How much must you deposit annually to accumulate this amount? b. If you decide to make a large lump-sum deposit today instead of the annual deposits, how large should this lump-sum...
Question 18 (3.5 points) You plan to retire 33 years from now. You expect that you...

Question 18 (3.5 points) You plan to retire 33 years from now. You expect that you will live 29 years after retiring. You want to have enough money upon reaching retirement age to withdraw $150,000 from the account at the beginning of each year you expect to live, and yet still have $2,300,000 left in the account at the time of your expected death (62 years from now). You plan to accumulate the retirement fund by making equal annual deposits...
You need to accumulate $10,000. To do so, you plan to make deposits of $1,000 per...

You need to accumulate $10,000. To do so, you plan to make deposits of $1,000 per year - with the first payment being made a year from today - into a bank account that pays 8.81% annual interest. Your last deposit will be less than $1,000 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Round your answer up to the nearest whole number. year(s) How large will...

You need to accumulate $10,000. To do so, you plan to make deposits of $1,750 per...

You need to accumulate $10,000. To do so, you plan to make deposits of $1,750 per year - with the first payment being made a year from today - into a bank account that pays 11.46% annual interest. Your last deposit will be less than $1,750 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Round your answer up to the nearest whole number. year(s) How large will...

You plan to accumulate $271,000 over a period of 18 years by making equal annual deposits...

Homework Answers