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wolverine [178]
2 years ago
12

Scott wants to accumulate $3,800 over a period of 11 years so that a cash payment can be made for roof maintenance on his summer

cottage. To have this amount when it is needed, he will make annual deposits at the end of each year into a savings account that earns 7.0% annual interest per year. How much must each annual deposit be
Business
1 answer:
Kamila [148]2 years ago
3 0

Answer:

$240.76

Explanation:

The formula to determine the annual deposit is :

p = FV / annuity factor

Annuity factor = {[(1+r)^n] - 1} / r

FV = Future value  

P = Present value  

R = interest rate  

N = number of years  

Annuity factor = (1.07^11 - 1) / 0.07 = 15.783599

p = $3800 / 15.783599 = $240.76

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3 years ago
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Alenkasestr [34]

Answer:

3) AD shifts right and output would decrease.

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