Question
You wish to have accumulated $12,000 at the end of 13 years. You plan to deposit an equal amount into the bank at the end
You wish to have accumulated $12,000 at the end of 13 years. You plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 7 percent compounded annually, how much must you deposit each year to reach your goal?
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Essentials of Investments
Authors: Zvi Bodie, Alex Kane, Alan J. Marcus
10th edition
77835425, 978-0077835422
