You need $23,000 at the end of 7 years, and your only investment outlet is a 9
Question:
You need $23,000 at the end of 7 years, and your only investment outlet is a 9 percent long-term certificate of deposit (compounded annually). With the certificate of deposit, you make an initial investment at the beginning of the first year.
a. What single payment could be made at the beginning of the first year to achieve this objective?
b. What amount could you invest at the end of each year annually for 7 years to achieve this same objective?
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Related Book For 
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
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