Calculating Equal Periodic Deposits
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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?
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Solution Summary
Solution describes the steps to calculate equal periodic deposits needed to accumulate a desired sum.
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Please refer attached file for better clarity of formula.
Solution:
Here we are given, sum of ordinary ...
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- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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