Fin 301-01 (Fall 2018) Homework: Chapter 5 Homework Score: 0 of 9 pts Problem 5-54 (similar to) Save 12 of 16 (13 complete) > IW Score: 52.86%, 37 of 70 pts Question Help (Complex present value) You would lke to have $50,000 in 14 years. To accumulate this amount you plan to deposit each year an equal sum in the bank, which will ean 8 percent interest compounded annually. Your first payment will be made at the end of the year a. How much must you deposit annually to accumulate this amount? b. f you decide to make a large lump-sum deposit today instoad of the annual deposits, how large should this lump-sum deposilt be? (Assume you can ean 8 percent on this deposit.) end of 5 years you will receive $12,000 and deposit this in the bank toward your goal of $50,000 at the end of 14 years. In additon to this deposit, how much must you deposit in equal annual deposits to reach your goal? (Again assume you can eam 8 percent on this deposit.) a. How much must you deposit annually to accumulate $50,000 in 14 years? (Round to the nearest cent) Enter your answer in the answer box and then click Check Answer 2 remaining Clear All Check Answer 14 4 9