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n Problem 9-30 (Algo) Payments required [LO4] You need $24,456 at the end of 10 years, and your only investment outtet is an 12 percent
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Problem 9-30 (Algo) Payments required [LO4] You need $24,456 at the end of 10 years, and your only investment outtet is an 12 percent long-term certificate of deposit (compounded annualiy). With the certificate of deposit, you make an initial investront at the beginning of the fint yeac Use Acoendi E and Appendix C for an approximate answer, but calculate your find answer using the formula and financial calculitor methoct. a. What single payment could be made at the beginning of the first year to achiowe this objective? Note: Do not round intermediate calculations, Round your final answer to 2 decimal places. b. What amount couid you pay at the end of each year annually for to years to achieve this sarve objective? Note: Do not round intermediate calculations. Round your final answer to 2 decimal places Step by Step Solution
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