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You plan on buying some property in Florida 12 years from today. To do this you estimate that you will need $45 comma 000 at
You plan on buying some property in Florida 12 years from today. To do this you estimate that you will need $45 comma 000 at that time for the purchase. You would like to accumulate these funds by making equal annual deposits in your savings account, which pays 9 percent annually. If you make your first deposit at the end of this year, and you would like your account to reach $45,000 when the final deposit is made, what will be the amount of your deposits? The amount of your end-of-year deposits will be $ nothing. (Round to the nearest cent.)
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