You want to have $64,000 in your savings account 4 years from now, and you're prepared to make equal annual deposits into the account at the end of each year.

Required:

If the account pays 7.7 percent interest, what amount must you deposit each year?

rev: 09_17_2012

$4,927.97$18,905.74$16,000.00$4,928.03$14,266.06