Problemyou want to have 25000 in your savings account eight, Ask an Expert

Accounting

Problem:

You want to have $25,000 in your savings account eight years from now, and you are prepared to make equal annual deposits into the account at the end of each year.

Required:

Question: If the account pays 4.75 percent interest, what amount must you deposit each year?

Note: Please show how you came up with the solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91170475

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