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rusak2 [61]
3 years ago
7

Unfortunately, Diana doesn't have enough money in her account right now. She needs to make additional contributions at the end o

f each of the next three years to be able to pay for the repairs. Her account currently has $3,500, which, along with her additional contributions, is expected to continue earning 6% annual interest. If she makes equal contributions each year, how large must each contribution be for Diana to have $8,000 after three years

Business
1 answer:
Kobotan [32]3 years ago
6 0

Answer: $1,203.49

Explanation:

The equal contributions will be an annuity. The $3,500 already there will also grow at 6% for 3 years. Expression is;

8,000 = ( 3,500 * ( 1 + 6%)^3) + Contribution * Future value interest factor of annuity, 3 years, 6%

8,000 = 4,168.56 + Contribution * 3.1836

Contribution = (8,000 - 4,168.56) / 3.1836

Contribution = $1,203.49

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inessss [21]

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