Asked by Shell
Mary would like to save 10,000 by the end of 3 yrs from now she currently has 2500 in savings. she would like to make equal year end deposits to the savings. Account pays 8% interest. How much should the year end payments be
Answers
Answered by
Reiny
2500(1.08)^3 + P(1.08^3 - 1)/.08 = 10,000
solve for P, P being the annual payment
( I got $2110.25)
solve for P, P being the annual payment
( I got $2110.25)
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