How much must you deposit each year to reach your goal

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(Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $20,000 at the end of 13 years. To do this you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay 11 percent compounded annually, how much must you deposit each year to reach your goal?

a. If the bank is willing to pay 11 percent compounded annually, how much must you deposit at the end of each year in order to have $ 20,000 in 13 years to pay for your child's education?

Reference no: EM131347277

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