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You want to have $62,000 in your savings account 5 years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 6.9 percent interest, what amount must you deposit each year

Respuesta :

Answer:

$10,802.76

Explanation:

n = 5 years

i/r = 6.9% (annual interest)

FV = $62,000 (The amount you want to have at the end of 6 years)

PV = 0 (No initial investment at year 0)

PMT = ? (The amount of annual deposit)

Using Financial calculator, PMT = $10,802.76

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