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ssignment O Points 0 of 1 Comprehensive problem You would like to have 54 000...

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Basic Math

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ssignment O Points 0 of 1 Comprehensive problem You would like to have 54 000 in 13 years To accumulate this amount you plan to deposit an equal sum in the bank each year that will earn 8 percent interest compounded annually Your first payment will be made at the end of year a How much must you deposit annually to accumulate this amount b If you decide to make a large lump sum deposit today instead of the annual deposits how large should this lump sum deposit be Assume you can earn 8 percent on this deposit c At the end of five years you will receive 10 000 and deposit this in the bank toward your goal of 54 000 at the end of year 13 In addition to the lump sum deposit how much must you deposit in equal annual amounts beginning in year 1 to reach your goal Again assume you can eam 8 percent on your deposits a How much must you deposit annually to accumulate this amount Round to the nearest cent Part 1 of 4 CETES Sa hs

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