Stephen would like to send his parents on a cruise for their 25th wedding anniversary. He expects the cruise will cost $15,000 and he has 5 years to accumulate this money. How much must Stephen deposit annually in an account paying 10 percent interest in order to have enough money to send his parents on the cruise?

Answer rating: 100% (QA)

interest rates 10 Period 5 years Future value 15000 Future value factor1rn 1r Future ... View the full answer