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  1. business
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  3. you will deposit $150 each of the next five years

You will deposit $150 each of the next five years (the first deposit will occur...

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Accounting

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You will deposit $150 each of the next five years (the first deposit will occur one year from today, and there will be a total of 5 equal deposits) into an account that pays a 7.0% effective annual rate. Six years from today, you wish to have exactly $1000 in the account. You would need to deposit an additional \$ from today to meet that goal. into the account six years Hints: Make a timeline! There are many ways to solve this problem, so you should be able to verify your answer by trying a different solution method. I recommend making sure you can solve this problem by starting it as an annuity problem, as that will reinforce your understanding of how annuity timing works. Margin of error for correct responses: +1.05 Rounding and Formatting instructions: Do not enter dollar signs, percent signs, commas, X, or any words in your response. Do not round any intermediate work, but round your "final" response to 2 decimal places (example: if your answer is 12.3456,12.3456%, or $12.3456, you should enter 12.35 )

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