Six equal annual contributions are made to a fund, with the first deposit on December 31, 2007.

Question:

Required

Using the future value tables, determine the equal contributions that, if invested at 10% compounded annually, will produce a fund of $30,000, assuming that this sum is desired on December 31, 2012.

Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...