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Soloha48 [4]
2 years ago
12

Solving for PMT of an annuity​) To pay for your​ child's education, you wish to have accumulated ​$ at the end of years. To do t

his you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay percent compounded​ annually, how much must you deposit each year to reach your​ goal?
Business
1 answer:
Gemiola [76]2 years ago
4 0

Answer:

$783.87

Explanation:

Complete question <em>"To pay for your​ child's education, you wish to have accumulated ​$10,000 at the end of 8 years. To do​this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 13 percent compounded​annually, how much must you deposit each year to obtain your​goal?"</em>

<em />

NPER = 8

FV = 10,000

Rate = 13%

PV = 0

Future Value of Annuity = PMT(Rate, NPER, PV, FV)

Future Value of Annuity = PMT(13%, 8, 10000, 0)

Future Value of Annuity = 783.8671964727014

Future Value of Annuity = $783.87

So, one must deposit $783.87 each year to reach the goal.

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