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How large must the annual deposits be to create the fund

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To supplement your planned retirement in exactly 40 years. you estimate that you need to accumulate $270,000 by the end of 40 years from today, You plan to make equal, annual, end-of year deposits into an account paying 119% annual interest.

Question a. How large must the annual deposits be to create the $270,000 fund by the end of 40 years?

Question b. If you can afford to deposit only $360 per year into the account, how much will you have accumulated by the end of 40 years?

Reference no: EM132552189

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