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Suppose that the parents of a young child decide to make annual deposits into savings account with the first deposit on the 5th birthday and the last on the 15th birthday. Then on the 18th birthday a withdrawal was made of $2000, on the 19th birthday a withdrawal was made of $2400, on the 20th birthday a withdrawal was made of $2800 and on the 21st birthday a withdrawal was made of $3200. If the effective annual interest rate is 8% during this time, what are the annual deposits in years 5-15?

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91147102

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