K You plan to buy property in Florida 5 years from today. To do this, you...

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K You plan to buy property in Florida 5 years from today. To do this, you estimate that you will need $45,000 at that time for the purchase. You would like to accumulate these funds by making equal annual deposits into your savings account, which pays 14 percent annually. If you make your first deposit at the end of this year, and you would like your account to reach $45,000 when the final deposit is made, what amount do you need to deposit annually? The amount you need to deposit annually is $ (Round to the nearest cent.) K You plan to buy property in Florida 5 years from today. To do this, you estimate that you will need $45,000 at that time for the purchase. You would like to accumulate these funds by making equal annual deposits into your savings account, which pays 14 percent annually. If you make your first deposit at the end of this year, and you would like your account to reach $45,000 when the final deposit is made, what amount do you need to deposit annually? The amount you need to deposit annually is $ (Round to the nearest cent.)

Answer rating: 100% (QA)

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