Problemzheng sen wishes to accumulate 1 million by the end, Ask an Expert

Accounting

Problem:

Zheng Sen wishes to accumulate $1 million by the end of 20 years by making equal annual end - of -year deposits over the next 20 years.

Required:

Question: If Zheng Sen can earn 10 percent on his investments, how much must he deposit at the end of each year?

a. $ 17,460

b. $ 50,000

c. $ 14,900

d. $117,453

Note: Explain all calculation and formulas.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91169660

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