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 6.8% effective annual rate. Six years 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. [Hints: Make a timeline! There are many ways to solve this problem, so you should be able to verify your answer by trying a different solution method. I recommend making sure you can solve this problem by starting it as an annuity problem.]
Do not round any intermediate work. Round your final answer to 2 decimal places (ex: if your answer is 12.345678 then you should enter 12.35). Margin of error for correct answers: +/- .05.
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