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I am making annual deposits of $8,162 at the end of each of the next 8 years in a savings account. I want to have
I am making annual deposits of $8,162 at the end of each of the next 8 years in a savings account. I want to have $90,000 at the end of 8 years. Identify the details below that I need in order to determine the annual interest rate (percent) I must earn to reach my goal if the interest is compounded annually.
What table must I use to find the relevant factor?
- Future value of single-sum
- Present value of single-sum
- Future value of ordinary annuity
- Present value of ordinary annuity
What are the number of periods (n) to find the relevant factor?
What is the annual interest rate I must earn?
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