The Hardys have saved $5,000 towards their goal to have $35,000 for a down payment on...

 

 

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The Hardys have saved $5,000 towards their goal to have $35,000 for a down payment on a house in 5 years. They will put the $5,000 in an account along with money they will deposit annually. They don't know how much that annual deposit should be, so they've asked you to calculate it. They have found a savings institution that will pay 8% interest. Year 5% 1 2 3 4 Future Value Factors: interest Rate сл 5 6 8 10 8% 1.050 1.060 1.080 1.102 1.166 1.158 1.190 1.260 1.216 1.260 1.276 1.340 1.340 6% 1.120 1.360 1.477 1.590 1.629 1.790 1.469 1.420 1.587 1.851 2.159 What is the amount of money the Hardys will need to deposit annually (rounded to the nearest two decimal places) to achieve their down-payment goal? The Hardys have saved $5,000 towards their goal to have $35,000 for a down payment on a house in 5 years. They will put the $5,000 in an account along with money they will deposit annually. They don't know how much that annual deposit should be, so they've asked you to calculate it. They have found a savings institution that will pay 8% interest. Year 5% 1 2 3 4 Future Value Factors: interest Rate сл 5 6 8 10 8% 1.050 1.060 1.080 1.102 1.166 1.158 1.190 1.260 1.216 1.260 1.276 1.340 1.340 6% 1.120 1.360 1.477 1.590 1.629 1.790 1.469 1.420 1.587 1.851 2.159 What is the amount of money the Hardys will need to deposit annually (rounded to the nearest two decimal places) to achieve their down-payment goal?