Steve Hitchcock is 38 years old today and he wishes toaccumulate $501,000 by his 61st birthday so he can retire to hissummer place on Lake Hopatcong. He wishes to accumulate this amountby making equal deposits on his 38th through his 60th birthdays.What annual deposit must Steve make if the fund will earn 11%interest compounded annually?
Annual Deposit=?
Cindy Ross has $18,800 to invest today at 9% to pay a debt of$40,832. How many years will it take her to accumulate enough toliquidate the debt?
Number of year= ?
Amy Houston has a $29,000 debt that she wishes to repay 6 yearsfrom today; she has $17,292 that she intends to invest for the 6years. What rate of interest will she need to earn annually inorder to accumulate enough to pay the debt?
Rate of interest ?
