You have the plan for the RV account. You want two motorcycles and a trailer to tow behind it. You need $57,000 in that account in 12 years. You are able to place $2,150 in to the account at the end of each year. No balance on year 0. First deposit is on year 1. But, you know that won't get you there. You are expecing some bonds to mature soon (5 Years). Start the savings account now.. 5 years from now, you will have $$ from bonds to apply to this loan. If you can get a 4.10% rate on you account (PYCY)... how much do you need from your bonds to make this work?

Answer rating: 100% (QA)

To solve this problem we can use the future value formula for an annuity FV PMT x 1 rn 1 r where FV ... View the full answer