Question
What is the amount of the payments that Tony Winslow must make at the end of each of 8 years to accumulate a fund of
What is the amount of the payments that Tony Winslow must make at the end of each of 8 years to accumulate a fund of $95,800 by the end of the 8th year, if the fund earns 8% interest, compounded annually? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
Payment at the end of each year | $ |
Chris Hitchcock is 42 years old today and he wishes to accumulate $523,000 by his 66 th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 42 nd through his 65 th birthdays. What annual deposit must Chris make if the fund will earn 8% interest compounded annually? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
Annual deposit | $ |
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