You are going to give your kid sister a nice $5,000 wedding gift and want to save

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You are going to give your kid sister a nice $5,000 wedding gift and want to save up for it. You are going to begin saving 4 years from today. You expect she'll get married 10 years from today.

Suppose you make annual deposits with the last one in 10 years given a(n) 9.67% APR.

How much is the total principal you must save?

Related Book For answer-question

Organizational Behaviour Concepts Controversies Applications

ISBN: 978-0132310314

6th Canadian Edition

Authors: Nancy Langton, Stephen P. Robbins, Timothy A. Judge, Katherine Breward

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Posted Date: May 03, 2023 01:09 AM

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You are going to give your kid sister a nice $5,000 wedding gift and want to save

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Expert Answer:

To calculate the total principal you must save you can use the formula for future value of an annuit... View the full answer

Organizational Behaviour Concepts Controversies Applications

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