The DelMonicos have saved $5000 towards their goal to have $55000 for a down payment on a house in 6 years. They will put the $5000 in an account along with monies they will deposit annually. They don't know how much that annual deposit should be, so they've asked you to calculate it. they found a savings institution that will pay 6% interest. e

12. The time value of money Consider the following scenarios: DelMonico Family The DelMonicos have saved $5,000 towards their goal to have $55,000 for a down payment on a house in 6 years. The dow They They will put the $5,000 in an account along with monies they will deposit annually. They don't know how much that annual deposit should be, so they've asked you to calculate it They will ne $55,00 They have found a savings institution that will pay 6% interest. They h 6% inte Based on the data provided, and using the factor tables provided below, what is the amount of monies the DelMonicos will need to deposit annually (rounded to the nearest two decimal Based tables ) to achieve their down-payment goal? Use the drop-down menu that follows to view the factor table data onpiots Future Value ond Future Value, Annuity tables (as well-k in abies) are located in the appendix in your test