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Nancy would like to accumulate $10,000 by the end of 3 years from now to buy...

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Finance

Nancy would like to accumulate $10,000 by the end of 3 yearsfrom now to buy a sports car from her friend, Jim. She has $2,500now and would like to save equal annual end-of-year deposits to payfor the car. How much should she deposit at the end of each year inan account paying 8 percent interest to buy the car?

Answer & Explanation Solved by verified expert
4.4 Ratings (968 Votes)
Step 1 Compute the future value of amount that she has at present Future value of 2500 after 3 years Present value 1 Interest rate Number of    See Answer
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