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Benjamin Scheve is planning to buy a house in 15 years. At the end of 15 years, he wants to make a down payment of
Benjamin Scheve is planning to buy a house in 15 years. At the end of 15 years, he wants to make a down payment of $100,000 for the house he is going to buy. So, he wants to save a same amount of money at the end of each year for the next 15 years in a long-term bond earning 8% interest annually. How much does Benjamin have to save at the end of each year for the next 15 years to have a balance of $100,000?
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