Asked by Sejul
Grandpa places money in an account on your first birthday and will place that same amount in the account every year, ending with your 18th birthday.
So there is a total of 18 deposits starting on first birthday.
He expects to earn 8% interest per year.
How much does he have to put in the account every year to have $160,000?
Thank you.
So there is a total of 18 deposits starting on first birthday.
He expects to earn 8% interest per year.
How much does he have to put in the account every year to have $160,000?
Thank you.
Answers
Answered by
Reiny
Pay( 1.08^18 -1)/.08 = 160000
pay = $ 4272.34
pay = $ 4272.34
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