Annuity Amount
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Dr. J. wants to buy an IBM personal computer which will cost $2,788 four years from today. He would like to set aside an equal amount at the end of each year in order to accumulate the amount needed. He can earn 7% annual return. How much should he set aside? A)697.00, B)627.93, C)823.15, D)531.81
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The solution explains how to calculate the annual savings to be made for a given future value.
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We are given the future value of the annuity and we have to find the annuity ...
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