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zavuch27 [327]
3 years ago
14

you want to have $57,000 in your savings account 10 years from now, and you're prepared to make equal annual deposits into the a

ccount at the end of each year. If the account pays 7.9 percent interest, what amount must you deposit each year
Business
1 answer:
VMariaS [17]3 years ago
6 0

Answer:

$2,271.50

Explanation:

Future value of annuity=Annuity[(1+rate)^time period-1]/rate

57,000=Annuity[(1.079)^10-1]/0.079

57,000=Annuity[(1.079)^9]/0.079

57,000=Annuity * 1.9824/0.079

57,000=Annuity * 25.093671

Annuity=57,000/25.093671

Annuity = 2271.489094

Annuity = $2,271.50 appr.

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