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You will deposit $150 each of the next five years (the first deposit will occur one year from today, and there will be a total
You will deposit $150 each of the nextfiveyears (the first deposit will occur one year from today, and there will be a total of5 equal deposits) into an account that pays a 7.4% effective annual rate.Sixyears from today, you wish to have exactly $1000 in the account.You would need to deposit an additional $_______ into the account six years from today to meet that goal.
Donotround any intermediate work.Round yourfinalanswer to 2 decimal places(ex: if your answer is 12.345678 then you should enter 12.35).
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