You are saving for grad school and need $$60,000$ in $5$ years. You plan to make annual payments into the account starting at the end of year $1.$ You can put it in a certificate of deposit $($CD$),$ earning $6\mathrm{.}4\%.$ How much will the payment need to be to reach your goal $($round to the nearest dollar$)?$

  

Answer rating: 100% (QA)

To determine the annual payment needed to reach your savings goal you can use the future ... View the full answer