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Please answer all questions. You need to accumulate $115,208 for your son's education. You have decided to place equal year-end deposits in a savings account
Please answer all questions.
You need to accumulate $115,208 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 13 years. The savings account pays 10.23 percent per year, compounded annually. How much will each annual payment be? Round the answer to two decimal places. You have been offered the opportunity to invest in a project that will pay $2,991 per year at the end of years one through three and \$5,995 per year at the end of years four and five. These cash flows will be placed in a saving account that pays 11.42 percent per year. What is the future value of this cash flow pattern at the end of year five? You are considering an investment that has a nominal annual interest rate of 8.33 percent, compounded semiannually. Therefore, the effective annual rate, or EAR (annual percentage yield) is Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)Step by Step Solution
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