Question
Josie wants to be able to celebrate her graduation from CSULA in 4years. She found an annuity that is paying 4%. Her goal is to
Josie wants to be able to celebrate her graduation from CSULA in 4years. She found an annuity that is paying 4%. Her goal is to have $4,500.00.
Assume the interest rate remains the same while the account is openround all answers to the nearest penny.
A) How much should be deposited each week?
\$Weekly Deposit
P
B) How much will be in the account at the end of the 4 years?
\$$Future Value
C) How much will she have deposited in Total?
\$$ Total
D) How much Interest, in Total, will be earned?
\$$ Interest
E) If Josie wanted to make a single deposit into a savings account that earns 4%compounded weekly to reach her goal, how much would that deposit be?
\$$Single Deposit
P
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started