Pinder Bank is offering a savings account that guarantees a 10% annual compound interest over the...
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Pinder Bank is offering a savings account that guarantees a 10% annual compound interest over the next 20 years. You would like to make a deposit into this bank account today so that you can withdraw $50,000 at the end of each year, for 20 years. Assume that today is the start of a new year and that you do not want to save any more than is necessary. How much money do you need to deposit into this savings account today? (Round to the nearest two digits) $437,574.43 $429,678.19 $443,590.71 $448,642.20 None of the other answers are correct. Pinder Bank is offering a savings account that guarantees a 10% annual compound interest over the next 20 years. You would like to make a deposit into this bank account today so that you can withdraw $50,000 at the end of each year, for 20 years. Assume that today is the start of a new year and that you do not want to save any more than is necessary. How much money do you need to deposit into this savings account today? (Round to the nearest two digits) $437,574.43 $429,678.19 $443,590.71 $448,642.20 None of the other answers are correct.
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