Question: chapter 5 question 16 Compe) You would he to 552.000 in 11 years. To accumulate this amount, you plan to deposit each year an equal

chapter 5 question 16

Compe) You would he to 552.000 in 11 years. To accumulate this amount, you plan to deposit each year an equal sum in the bank, which will mercrest compounded annually. Your first payment will be made at the end of the year Pow much you depast annually to accumulate this amount? you decide to make atare kumpsum deposit today instead of the annual deposits, how large should this fump sum deposit be? (Assume you can eam 7 perce ont doo calme end of as you wait for $8,000 and deposit is in the bank toward your goal of $52,000 at the ond of 11 years. In addition to this deposit, how much must you depant in equal anal depositatomach your goal? (Again assure you can earn 7 porcent on this deposit) How much must you deposit annually to accumulate $52.000 in 11 years? Roundthenascent Clear all Question 13(0/1) Check ans Type here to search Question 14(0/1) O Question 15 (0/1) O Question in

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