Question
To pay for your child'seducation, you wish to have accumulated $19,000 at the end of 9 years. You plan to deposit an equal amount into
To pay for your child'seducation, you wish to have accumulated $19,000 at the end of 9 years. You plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 7% compounded annually, how much must you deposit each year to obtain your goal?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
11th edition
324422870, 324422873, 978-0324302691
