Question

You plan to make six equal, end-of-year deposits over the next six years into an account that will pay you 7% interest annually. the first deposit will occur one year from today and the last will occur six years from today. if you need to have $2,000 in the account at the end of 6 years, how much do you need to deposit at the end of each year in order to have the required amount?

Answer 1

The answer is $27.70 a year