Question
You are considering to deposit $1200 into a 8.9% savings account every year over the next 13 years. Alternatively, you can just deposit one larger
You are considering to deposit $1200 into a 8.9% savings account every year over the next 13 years. Alternatively, you can just deposit one larger sum of money in the account today, and no additional deposits in the coming years. How much would the have to put in the account today to reach the same sum of money after 13 years?
(Round your answer to the nearest dollar)
Step by Step Solution
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Step: 1
To calculate the amount you would need to deposit t...
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Step: 2
Step: 3
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Financial Management For Decision Makers
Authors: Peter Atrill, Paul Hurley
2nd Canadian Edition
138011605, 978-0138011604
