Question: I need help with getting the correct answer with explaining, please. A bank account has a balance today of $38,000. How much must be deposited

I need help with getting the correct answer with explaining, please. AI need help with getting the correct answer with explaining, please.

A bank account has a balance today of $38,000. How much must be deposited at the end of each year to have a balance of $3,000,000 in 29 years if the interest rate is 10% ? Answer Format: Enter your answer as a number rounded to 2 decimal places. An answer of 23.456 would be entered as 23.46

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!