Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you desire to have $52,000 in your savings account

You desire to have $52,000 in your savings account 8 years from now, and prepared...

70.2K

Verified Solution

Question

Finance

You desire to have $52,000 in your savings account 8 years from now, and prepared to make equal annual deposits into the account at the end of each year.

Question:

If the account pays 6.9% interest, what amount must you deposit each year?

Top of Form

Multiple Choice (Select The Correct Answer)

  1. $8,708.70
  2. $6,500.00
  3. $3,587.98
  4. $3,588.01
  5. $5,086.61

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A mass 7kg of stretches a spring 18cm. The mass is acted on by an external...

Advance Math
Q

if 45.55ml of 0.0105M EDTA solution was needed to titrate the Mg in a 0.2600g sample...

Chemistry
Q

Transcription and translation are important processes involved in gene expression Which of the following is...

Biology
Q

When a proton is released from rest in a room it starts with an initial...

Physics
Q

A thin spherical conducting shell of radius R has a charge q Another charge Q...

Physics
Q

Eight patients in a hospital had their heart rate and diastolic blood pressures recorded The...

Basic Math
Q

1 Given the equation of a line y x the y intercept is b

Algebra
Q

Which of the following is a substantive test in relation to rights and obligations? a....

Accounting
Q

The Cash Payback Period is the number of years it takes for non-discounted cash flows...

Accounting
Q

Budgetary Info Estimated Revenues -5,824,000 Appropriations -5,800,000 Estimated Other financing...

Accounting
Q

QUESTION 4 Fvelyn contributes Land to Blanton Corporation in exchange for all of ns stock....

Accounting
Q

The most recent financial statements for Moose Tours, Inc., appear below. Sales for grow by...

Finance