Finance

Solution needed .
You need to have $50000 at the end of 10 years .To accumulate this sum, you have decided to save a certain amount at the end of each of the next 10 years and deposits it in the bank. the bank pays 8 percent interest compounded annually for long-term deposits. how much will you have to save each year (to the nearest dollar)?

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  1. just plug your numbers into the formula for the present value of an annuity. I'm sure you have one. If not, google does.

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    posted by Steve
  2. You need to have $50000 at the end of 10 years .To accumulate this sum, you have decided to save a certain amount at the end of each of the next 10 years and deposits it in the bank. the bank pays 8 percent interest compounded annually for long-term deposits. how much will you have to save each year

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