Mathematics, 28.01.2020 23:01 tenoi14
As part of your retirement plan, you want to set up an annuity in which a regular payment of $25,312 is made at the end of each year. you need to determine how much money must be deposited earning 6.2% compounded yearly in order to make the annuity payment for 20 years.
Answers: 2
![PV=P*[\frac{1-(1+i)^{-n}}{i}]](/tpl/images/0479/0012/25083.png)
, where P - money to be deposited, i - interest rate, n - number of payments.![PV=25312*[\frac{1-(1+0.062)^{-20}}{0.062}]=285671.06](/tpl/images/0479/0012/e65b5.png)
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As part of your retirement plan, you want to set up an annuity in which a regular payment of $25,312...
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