What single payment could be made at the beginning of year

Assignment Help Finance Basics

Reference no: EM131787890

Question: You need $23,956 at the end of nine years, and your only investment outlet is a 7 percent long-term certificate of deposit (compounded annually). With the certificate of deposit, you make an initial investment at the beginning of the first year.

a. What single payment could be made at the beginning of the first year to achieve this objective?

b. What amount could you pay at the end of each year annually for nine years to achieve this same objective?

Reference no: EM131787890

Questions Cloud

Different groupings of 4 words are possible : To determine voters' feelings regarding an issue, a candidate asks a sample of people to pick 4 words out of 10 that they feel best describe the issue.

Work environment inhibit learning and transfer of training : How can the work environment inhibit learning and transfer of training?

Sociologist wants to pick 3 fifth-grade students : A sociologist wants to pick 3 fifth-grade students from each of four schools. If each of the schools has 50 fifth-grade students, how many different groups

Prepare the journal entry to record lacy pension expense : Prepare the journal entry(s) to record Lacy's pension expense, gains or losses, prior service cost, funding, and payment of retiree benefits for 2011

What single payment could be made at the beginning of year : You need $23,956 at the end of nine years, and your only investment outlet is a 7 percent long-term certificate of deposit (compounded annually).

Maintain the change by making it a part of the culture : Created an urgency about change. Maintain the change by making it a part of the culture. To set the changed vision and how that changed vision will be achieved

Analyze use of coaching to achieve organizational goal : Analyze the effective use of coaching to achieve your specific organizational effectiveness goal. Be sure to connect research to your analysis.

Merchandise purchase budget : Merchandise purchase budget, One-half of a month's inventory purchases is paid for in the month of purchase

Compare the circumferences of the mens and the womens heads : Start with histograms to determine shape; then compare appropriate measures of center and spread, and mention any outliers. See page 158 for guidance.

User Account

All Pages