Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Milos wants to have 160,816 dollars in 11 years. Milos plans to make regular savings contributions of 9,960 dollars per year for 11 years, with

Milos wants to have 160,816 dollars in 11 years. Milos plans to make regular savings contributions of 9,960 dollars per year for 11 years, with the first of these regular savings contributions made later today. In addition, Milos expects to make a special savings contribution of X in 2 years. He expects to earn 4.02 percent per year. What is X, the amount of the special savings contribution that Milos will make in 2 years from today?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Rich Dads Increase Your Financial IQ Get Smarter With Your Money

Authors: Robert T. Kiyosaki

1st Edition

1612680658, 978-1612680651

More Books

Students also viewed these Finance questions

Question

Which should come first, the objectives or the strategy? Why?

Answered: 1 week ago

Question

How would we like to see ourselves?

Answered: 1 week ago