You have a goal that 15 years from the day you start working at your first full-time job, you will take a trip to visit family throughout the world. You will save for this trip using aninvestment account that pays 4.5% nominal interest, compounded annually, andyou needexactly$65,000in that account when you take your trip. You will make end of year deposits every year for the 15years working(including the end of your 15thyear). You plan to start your payments at the end of year 1 with a specificamount of deposit and increase your depositsby 3.0% each year. 

How much should youdeposit the first yearto reach your financial goal for your trip?
 

Answer rating: 100% (QA)

Amount Required for trip vafter 15 years 65000 Time Period... View the full answer