Your goal is to have $12,500 in your bank account by the end of four years. If the interest rate remains constant at 9% and you want to make annual identical deposits, how much will you need to deposit in your account at the end of each year to reach your goal? (Note: Round your answer for PMT to two decimal places.)

If your deposits were made at the beginning of each year rather than at the end, how much would the amount of your deposit change if you still wanted to reach your goal by the end of four years? (Note: Round your answer for PMT to two decimal places.)

Answer rating: 100% (QA)

To calculate the annual deposit needed to reach the goal of 12500 in four years with an interest rat... View the full answer