To pay for your? child’s education, you wish to have accumulated ?$13,000 at the end of 12 years
To pay for your child's education, you wish to have accumulated
$13,000
at the end of
12
years. To do this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay
14
percent compounded annually, how much must you deposit each year to obtain your goal?
The amount of money you must deposit each year in order to obtain your goal is
$
(Round to the nearest cent.)
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