Question
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 next five years (the first deposit will occur one year from today, and there will be a total of 5 equal deposits) into an account that pays a 5.50% effective annual rate. Six years from today, you wish to have exactly $1000 in the account. Calculate the additional amount you need to deposit into the account six years from today to meet that goal.
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Advanced Accounting
Authors: Gail Fayerman
1st Canadian Edition
9781118774113, 1118774116, 111803791X, 978-1118037911
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