Simpson wishes to have 1,100,000 in 35 years by making annual end-of-the-year deposits into a tax-deferred...
Simpson wishes to have 1,100,000 in 35 years by making
annual end-of-the-year deposits into a tax-deferred account paying
11.75% annually.
what must lisa's deposit be?
the deposit must be $___. (round to the nearest cent)
Homework Answers
The deposit that Lisa should make to have $ 1,100,000 in 35 years can be found using the future value of annuity equation
The equation for future value of annuity is as below
where A = The annual deposit
n = number of years
r = interest rate
The future value of the annuity is know, hence we have to calculate the end of the year annual deposit.
A = $ 2702.43
Thus the deposit must be $ 2702.43
Add Answer to:
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