How much must you deposit each year to obtain your goal

Assignment Help Financial Management

Reference no: EM131568048

To pay for your child's education, you wish to have accumulated $17,000 at the end of 11 years. To do this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 7 percent compounded annually, how much must you deposit each year to obtain your goal?

The amount of money you must deposit each year in order to obtain your goal is $ (round to the nearest cent)

Reference no: EM131568048

Questions Cloud

Components of the strategic management process : Describe and define the primary components of the Strategic Management Process.

How are their economic systems classified : How are their economic systems classified? Explain why they are classified as such.

Prepare the company trial balance : Prepare the company's trial balance as of June 30, 2012, listing accounts in proper sequence, as illustrated in the chapter

Evaluate the level of impact of it on information management : the IT organizational leader would face in order to support organizational information within the company or organization that you have chosen

How much must you deposit each year to obtain your goal : If the bank is willing to pay 7 percent compounded annually, how much must you deposit each year to obtain your goal?

Compensation purpose and strategy document : The purpose of this assignment is to choose a compensation philosophy that is appropriate for your chosen firm andarticulate a rationale for this selection.

Straight line and double declining balance method : Depreciate the asset for each year using the straight line & double declining balance method. What is the amount financed, finance charge,& the deferred payment

Discuss about the poster presentations : Poster presentations are typically informal affairs with limited time for presenters to provide extra information.

What specific business practices would you expect : Cultural Influences on Business Operations- What specific business practices would you expect to find in that country, based on its culture?

User Account

All Pages