How much will you need to deposit each year

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Reference no: EM131585905

You have been in the workforce for a year or two now and are keen on buying your first house. Unlike the easy money days prior to the Great Recession, you will need a substantial downpayment. You have determined that you will need a downpayment of at least $25,000. Assume that you save the same amount every year for five years (first deposit occurs at the end of this year, last deposit occurs at the end of the fifth year. If the account where you deposit the money returns 5.5% per year, how much will you need to deposit each year?

Reference no: EM131585905

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