Take her to accumulate enough to liquidate the debt

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1. What is the amount of the payments that John Winslow must make at the end of each of 10 years to accumulate a fund of $93,000 by the end of the 10th year, if the fund earns 10% interest, compounded annually?

2. Steve Hitchcock is 43 years old today and he wishes to accumulate $469,000 by his 67th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 43th through his 66th birthdays. What annual deposit must Steve make if the fund will earn 12% interest compounded annually?

3. Cindy Ross has $20,200 to invest today at 12% to pay a debt of $62,738. How many years will it take her to accumulate enough to liquidate the debt?

Reference no: EM132014580

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