Question
To pay for your child's education, you wish to have accumulated $13,000 at the end of 9 years. To do this, you plan to deposit
To pay for your child's education, you wish to have accumulated
$13,000 at the end of 9 years. To do this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 9% compounded annually, how much must you deposit each year to obtain your goal?
The amount of money you must deposit each year in order to obtain your goal is
how much?
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Financial Modeling
Authors: Simon Benninga
4th Edition
0262027283, 9780262027281
