Your parents have an investment account that earns 11.8 percent compounded annually. Your parents opened the account 12 years ago. Your parents have made annual contributions into the account for the past 12 years. The contributions were made at the beginning of each year. Today is there $108,500 in the account. What was the amount of your parents annual contribution to the account? Your answer should be accurate to two decimal places.

Answer rating: 100% (QA)

Given the information that the account earns 118 compounded annually has been around for 12 years an... View the full answer