Question: Please answer as quickly as possible and correctly and I will give a thumbs up all steps do NOT have to be shown as long
Please answer as quickly as possible and correctly and I will give a thumbs up all steps do NOT have to be shown as long as the final answer is correct, thank you.
Cruz is 35 years old now. He wants to accumulate $600,000. when he retires at age of 65. He starts depositing into the retirement fund annually for the next 30 years. His first deposit at age 36 is $A, and the following deposits will increase by 5% every year. The market annual interest rate is guaranteed to be 7%. Find the value of his first deposit, i.e., A= ? A=$15,493.39 A=$4,654.89 A=$27,762.43 A=$31,363.03 A=$3,647.05
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