Answered

IDNLearn.com: Your one-stop platform for getting reliable answers to any question. Discover thorough and trustworthy answers from our community of knowledgeable professionals, tailored to meet your specific needs.

You want to have $66,000 in your savings account 9 years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 6.9 percent interest, what amount must you deposit each year

Sagot :

Answer:

the amount that need to be deposited each year is $7,166.28

Explanation:

The computation of the amount that should be deposited each year is shown below:

Given that

FV is $66,000

NPER is 9

RATE is 6.9% ÷ 12 = 0.575%

PV is 0

The formula is shown below:

= PMT(RATE,NPER,PV,-FV,TYPE)

AFter applying the above formula, the amount that need to be deposited each year is $7,166.28

We appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Thank you for trusting IDNLearn.com. We’re dedicated to providing accurate answers, so visit us again for more solutions.