Question

Suppose that you decide to make annual deposits into your savings account for a long-term goal...

Suppose that you decide to make annual deposits into your savings account for a long-term goal of big purchases after getting a job, with the first deposit being made on year 2023 and the last deposit being made on year 2032. Then, starting on year 2035, the withdrawals start with \$2,800 and increment by \$600 until the end of year 2038. If the effective annual interest rate is 5\% during this period of time, what are the annual deposits in years 2023 through 2032? Use a uniform gradient amount (G) in your solution.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A couple have a 3-year-old child; they decided to make annual deposits into a savings account...
A couple have a 3-year-old child; they decided to make annual deposits into a savings account to fund his 4-year university education. With the first deposit being made on his fourth birthday and the last deposit being made on his 15th birthday. Then, starting on his 18th birthday, 4 withdrawals are required, starting at $3000 and increasing at a rate of 11%. If the effective annual interest rate is 6% during the whole period of time, what are the annual...
(1) A couple have a 3-year-old child; they decided to make annual deposits into a savings...
(1) A couple have a 3-year-old child; they decided to make annual deposits into a savings account to fund his 4-year university education. With the first deposit being made on his fourth birthday and the last deposit being made on his 15th birthday. Then, starting on his 18th birthday, 4 withdrawals are required, starting at $4000 and increasing at a rate of 11%. If the effective annual interest rate is 25% during the whole period of time, what are the...
A) Assume that, starting next year, you make annual deposits of $ 950 into a savings...
A) Assume that, starting next year, you make annual deposits of $ 950 into a savings account that pays 6% interest. How much will you have in your account after 11 years? B) You made an investment over the past year, and your nominal return was 7.3%. Over the same year, the rate of inflation was 3.9%. What was the real rate of return for this investment? C) Assume that, starting next year, you will make deposits of $572 each...
Suppose your personal financial goal is to retire with $1 million in your savings account. How...
Suppose your personal financial goal is to retire with $1 million in your savings account. How much must you deposit monthly in an account paying 5% a year (with interest being compounded monthly and your deposits occurring at the end of the month), to accumulate $1,000,000 by your 65th birthday if you begin your deposits on your 22nd birthday? (Note: Assume that you started with no savings in the account prior to your first deposit at age 22 and you...
Assume that you would like to make 6 yearly deposits for your kid’s college tuition fee...
Assume that you would like to make 6 yearly deposits for your kid’s college tuition fee starting today. The initial deposit for today is $10000 dollars and each year the amount increases by $1000. The interest rate is assumed to be 8% per year. a) Draw the cash flow diagram (CFD). b) Assuming that your kind needs the tuition money as a lump-sum amount, 10 years from now. Find the total amount of money that will be accumulated in the...
Team 5 answer the questions What are 4 key things you learned about the topic from...
Team 5 answer the questions What are 4 key things you learned about the topic from reading their paper? How does the topic relate to you and your current or past job? Critique the paper in terms of the organization and quality. Incentive Systems             In this paper, we will focus primarily on financial rewards that companies use to attract, retain and motivate the brightest and most talented candidates in the labor market. By providing a reward system that...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...