I have a question about annuities.

Mathematics
Tutor: None Selected Time limit: 1 Day

Here is my problem. 

How much would you need to deposit in an account each month in order to have $50,000 in the account in 9 years? Assume the account earns 6.5% interest. 

May 3rd, 2015


ar^n-1=50000

a1.065^8=50000

a=50000/1.6550

=$30211.50

May 3rd, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
May 3rd, 2015
...
May 3rd, 2015
May 28th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer