You would like to have $5000 in savings at the end of 5 years. How much money, in equal annual amounts, must be invested at the end of each of the next five years in order to achieve your goal? Your current savings balance is $500 and the interest rate you expect to earn over the next 5 years is 6.5% per year.

Answer rating: 100% (QA)

To calculate the amount of money you need to invest ea... View the full answer