9. Eloise plans to accumulate 100,000 at the end of 42 years. She makes the following...

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9. Eloise plans to accumulate 100,000 at the end of 42 years. She makes the following deposits: (i) X at the beginning of years 1-14; (ii) No deposits at the beginning of years 15-32, and (iii) Y at the beginning of years 33-42. The annual effective interest rate is 7% and X - Y = 100. Calculate Y. 9. Eloise plans to accumulate 100,000 at the end of 42 years. She makes the following deposits: (i) X at the beginning of years 1-14; (ii) No deposits at the beginning of years 15-32, and (iii) Y at the beginning of years 33-42. The annual effective interest rate is 7% and X - Y = 100. Calculate Y.

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Heres how to calculate Y 1 Future Value FV Formula We can use the Future Value FV formula to calculate the total accumulated amount at the end of year ... View the full answer