How much money should be deposited each year

Reference no: EM131505643

Question: 1. In 1885, first-class postage for a one-ounce letter cost $0.02. The same postage in 2015 costs $0.49. What compounded annual increase in the cost of firstclass postage has been experienced over this period of time?

2. How much money should be deposited each year for 12 years if you wish to withdraw $309 each year for five years, beginning at the end of the 14th year? Let i = 8% per year.

Reference no: EM131505643

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