Manny and Irene will retire in fifteen years and want to buy a Mexican villa. The villa costs $500,000 today and housing prices in Mexico are expected to rise 6% per year. Manny and Irene want to make fifteen equal annual payments to one account starting today so that in fifteen years there will be enough money to buy the villa. If the account earns 10% per year, Calculate what is the amount of each deposit? (Use the financial calculator)

Answer rating: 100% (QA)

Each deposit P Here 1 Interest rate per annum 2 Numbe... View the full answer