Assume that you wish to make annual deposits into a savings account. The interest rate offered...
Assume that you wish to make annual deposits into a savings account. The interest rate offered by the bank is 13%, and you plan to save for the next 13 years. If your goal is for the present value of your savings to be equal to $3746, how much money must you deposit every year?
Homework Answers
| Preset value of amount reqjuired today | 3746 | ||||
| Divide: Annuity PVF at 13% for 13 years | 6.12181 | ||||
| Annual amount to be deposited | 611.91 | ||||
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