Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. (solving for pmt of an annuity) to pay for your ch

(Solving for PMT of an annuity) To pay for your child's education, you wish to...

50.1K

Verified Solution

Question

Finance

(Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $11,000 at the end of 11 years. To do this, you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay 15 percent compounded annually, how much must you deposit each year to reach your goal?

To reach your goal, your annual deposit must be $______. (Round to the nearest cent.)

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

Accounting
1.2K views

How do accounting policies and practices affect financial accounting information used for "external" decision making purposes? What governing...

Medical Sciences
1.2K views

    13.    An inadequate intake of iodine in the diet can a. lead to hyperthyroidism b. cause Graves disease c. cause exophthalmos d. cause...

Advance Math
1.2K views

Please someone assist me with the following problem please! 5. K-nearest-neighbor Given the training data set shown...

Biology
1.2K views

Show the fate of the carbon atoms in the metabolism of glutamate shown below by...

Physics
1.2K views

Work done to carry bob upto angle 60 with the vertical vary slowly from initial...

Basic Math
1.2K views

Suppose that I have a 3/5 probability of beating my young nephew in any onegame...

Algebra
1.2K views

Find the exact value of cos a 3 of cos 4 O A OB O...

Accounting
1.2K views

how is it possible that organizations with qualified managers still fail to achieve their goals...

Accounting
1.2K views

Which of the following is not an example of an audit-related fee required to be...

Accounting
1.2K views

Beech's managers made the following additional assumptions and estimates: 1. Estimated sales for July, August,...

Accounting
1.2K views

What does it mean when taxpayer seeks to quash an IRS summons? How did the...

Accounting
1.2K views

21. In a bailment situation, the bailor retains title to the item of property. true...