Two investors open two savings accounts at a credit union. Both accounts earn 8% annual interest. In
Fantastic news! We've Found the answer you've been seeking!
Question:
Two investors open two savings accounts at a credit union. Both accounts earn 8% annual interest. In the first account, $1,000 are deposited at the end of the first year, & this amount is increased by $300 for each of the following four years. A constant amount is to be deposited into the second account for each of the 5 years. How big should the annual investment in the second account be such that both accounts have equal balances at the end of five years?
Related Book For
Statistical Techniques in Business and Economics
ISBN: 978-0078020520
16th edition
Authors: Douglas Lind, William Marchal
Posted Date: