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Determine the size of annual cash flows for an annuity

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Question - Determine the size of annual cash flows for an annuity of nine cash flows that will produce a future value of $79,428.10 at an interest rate of 9% per year. Round your answer to the nearest cent.

On December 31, 2020, Natalie Livingston signs a contract to make annual deposits of $4,200 in an investment account that earns 10%. The first deposit is made on December 31, 2020.

Required -

1. Calculate what the balance in this investment account will be just after the seventh deposit has been made if interest is compounded annually. Round your answer to the nearest cent.

2. Determine how much interest will have been earned on this investment account just after the seventh deposit has been made if interest is compounded annually. Round your answer to the nearest cent.

Reference no: EM132664995

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