How much must be deposited

Reference no: EM13273067

You would like to have 45,000 in 11 years. To accumulate this you plan to deposit an equal amount each year which would earn 5% interest compounded. The first payment will be made at the end of the year.

How much must be deposited?

If you decide to make a large deposit instead of annual deposits, how much should that be?

At the end of 4 years you will receive $12,000.You will deposit this in the bank towards the 45,000.In addition to this deposit how much more must be deposited to reach the goal of 45,000 at 5% interest?

Reference no: EM13273067

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