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Compute the amount of annual deposits

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Question - You have an obligation of $750,000 due on Dec. 31, 2030. To provide for the payment of the obligation, you have made an initial deposit of $50,000 in a special fund on Jan. 1, 2021. You also wish to make 9 equal annual deposits in the fund starting Dec. 31, 2021. You expect that the fund will earn interest at the rate of 12%. Compute the amount of annual deposits that along with the initial deposit will bring the fund balance up to $250,000 at the maturity of the obligation.

Reference no: EM132516684

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