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Problem 11-1

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Question

You need $28,974 at the end of nine years, and your only investment outlet is an 8 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 10 years to achieve this same objective?

 

Paper#81407 | Written in 18-Jul-2015

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