Purchase Solution

Calculating Equal Periodic Deposits

Not what you're looking for?

Ask Custom Question

You want to have $30,000 in your savings account eight years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the amount pays 5.25 percent interest, what amount must you deposit each year?

Purchase this Solution

Solution Summary

Solution describes the steps to calculate equal periodic deposits needed to accumulate a desired sum.

Solution Preview

Please refer attached file for better clarity of formula.

Solution:

Here we are given, sum of ordinary ...

Solution provided by:
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
Recent Feedback
  • "Thank you"
  • "Really great step by step solution"
  • "I had tried another service before Brain Mass and they pale in comparison. This was perfect."
  • "Thanks Again! This is totally a great service!"
  • "Thank you so much for your help!"
Purchase this Solution


Free BrainMass Quizzes
Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.