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( Complex present value ) You would like to have $ 5 4 , 0 0 0 in 9 years. To accumulate this amount, you
Complex present value You would like to have $ in years. To accumulate this amount, you plan to deposit each year an equal sum in the bank, which will earn 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 lumpsum deposit today instead of the annual deposits, how large should this lumpsum deposit beAssume you can earn percent on this deposit. c At the end of years you will receive $ and deposit this in the bank toward your goal of $ at the end of years. In addition to this deposit, how much must you deposit in equal annual deposits to reach your goal? Again assume you can earn percent on this deposit a How much must you deposit annually to accumulate $ in years? $ Round to the nearest cent.
Complex present value You would like to have $ in years. To accumulate this amount, you plan to deposit each year an equal sum in the bank, which will earn 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 lumpsum deposit today instead of the annual deposits, how large should this lumpsum deposit beAssume you can earn percent on this deposit.
c At the end of years you will receive $ and deposit this in the bank toward your goal of $ at the end of years. In addition to this deposit, how much must you deposit in equal annual deposits to reach your goal? Again assume you can earn percent on this deposit
a How much must you deposit annually to accumulate $ in years?
$ Round to the nearest cent.
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