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( Comprehensive problem ) You would like to have $ 5 3 comma 0 0 0 in 1 6 years. To accumulate this amount, you
Comprehensive problemYou would like to have $ comma in years. To accumulate this amount, you plan to deposit an equal sum in the bank each year that will earn percent interest compounded annually. Your first payment will be made at the end of the year.
aHow much must you deposit annually to accumulate this amount?
bIf 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.
cAt the end of five years, you will receive $ comma and deposit this in the bank toward your goal of $ comma at the end of year In addition to the lumpsum deposit, how much must you deposit in equal annual amounts, beginning in year to reach your goal? Again assume you can earn percent on your deposits.
Question content area bottom
Part
aHow much must you deposit annually to accumulate this amount?
$
Round to the nearest cent.
Part
bIf you decide to make a large lumpsum deposit today instead of the annual deposits, how large should the lumpsum deposit be
$
Round to the nearest cent.
Part
cIf you deposit $ comma received at the end of five years in the bank, what will the amount grow to by the end of year
$
Round to the nearest cent.
Please help me the last ans. is incorrect.
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