economics
posted by Rachel .
Suppose you wish to create a scholarship fund which will pay 73.43 each year for the next 14 years. If you accomplish your task by depositing a single amount today into a bank account which pays 12.91% per year, what must the deposit amount be? (Accuracy is at the second decimal.)
Respond to this Question
Similar Questions

Finance
Need help finding a formula for: Question: Suppose a bank offers you the following deal: You pay to the bank an annuity amount of $A per year over the next 10 years and the bank will in turn pay you $40,000 per year starting at the … 
Precalculus
NEED HELP ASAP PLEASE!! A savings account starts with $600 and pays 5% interest per year, compounded four times per year. a) A function that models the amount in dollars in the bank account after m years is A(m)=____________? 
MATH FOR LIBERAL ARTS
Maria just inherited $10,000. Her bank has a savings account that pays 4.2% interest per year. Some of her friends recommended a new mutual fund, which has been in business for three years. During its first year, the fund went up in … 
math 141
Maria just inherited $10,000. Her bank has a savings account that pays 4.1% interest per year. Some of her friends recommended a new mutual fund, which has been in business for three years. During its first year, the fund went up in … 
economics
Suppose you wish to invest X dollars in a bank account which pays 5% per year. You want to use this account to pay for costs that appear each year, starting with year 15. The amount you have to pay in year 15 is 276.71 and then the … 
math
Suppose $500 is divided into two bank accounts. One account pays 15% simple interest per year and the other pays 10%. After three years there is a total of $200 in interest between the two accounts. How much was invested into the bank … 
Finance
Suppose that a company decides to make an annual gift to fund undergraduate scholarships. The first of these gifts will be given today and it is anticipated that the gifts will continue forever. The nominal discount rate is 8% and … 
Finance
Assume that you are 23 years old and that you place $3,000 yearend deposits each year into a stock index fund that earns an average of 9% per year for the next 17 years. 1. How much money will be in the account at the end of 17 years? 
Personal Finance
Assume that you are 23 years old and that you place $3,000 yearend deposits each year into a stock index fund that earns an average of 9.5% per year for the next 17 years. how much money will be in the account at the end of 17 years. 
Algebra
Suppose $6,500 is divided into two bank accounts. One account pays 10% simple interest per year and the other pays 4.6%. After two years there is a total of $1000 in interest between the two accounts. How much was invested into the …