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Marrrta [24]
3 years ago
9

You want to save $98,000 to buy an boat by making an equal, end of year payment into a brokerage account for the next 9 years. I

f you expect to earn an annual interest rate of 7.75% on your account, how much do you need to deposit each year into your account?
Business
2 answers:
algol [13]3 years ago
7 0

Answer: $7,930

Explanation:

The payments are to be equal so this is an annuity. The expected value is to be $98,000 in 9 years so this is a future value of an Annuity.

The formula is;

FV = P * \frac{[1 + i]^n-1}{i}

98,000 = P * \frac{[1 + 0.075]^9-1}{0.075}

98,000 = P * 12.3581

P = 98,000/12.3581

P = $7,930

malfutka [58]3 years ago
6 0

Answer:

Annual deposit= $7,930.11

Explanation:

Giving the following information:

FV= $98,000

n= 9 years

i= 0.0775

<u>To calculate the annual deposit, we need to use the following formula:</u>

<u></u>

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (98,000*0.0775) / [(1.0775^9) - 1]

A= $7,930.11

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