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Jack opens a savings account with a deposit of 1420 dollars. He plans to make another...

Jack opens a savings account with a deposit of 1420 dollars. He plans to make another deposit of X dollars in three years, with the goal of having exactly 8300 dollars in the account 9 years after it is opened. If the account pays an effective rate of 8.6 percent, what value of X will allow him to reach his goal?

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balance after 9 years 8,300.00 2,983.71 1 2 Less: Future value of $1,420 4 Additional future value required ş 6 Value of X 1420*(1+8.6%)ng 5,316.29 $3,240.63-916.29/(1+8.6%)%

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