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1 answer:
A man needs to deposit $889 each year into the account in order to have $30,000 saved up.
Given that, future value = $30000, n = 17 years and r = 8%.
<h3>What is the future value?</h3>The future value simple interest formula is the addition of the principal amount that we have in the beginning and the interest earned on that principal amount after the completion of the period.
Now,
⇒
⇒ 30000 = Annuity × (3.7-1)/0.08
⇒ 30000 = Annuity × 33.75
⇒ Annuity = 30000/33.75
⇒ Annuity = 888.88
⇒ Annuity = $889
Therefore, a man needs to deposit $889 each year into the account in order to have $30,000 saved up.
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