# math

You need \$28,974 at the end of 10 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?

1. 👍
2. 👎
3. 👁
1. 12426.45

1. 👍
2. 👎

## Similar Questions

1. ### Maths

Dylan invested some money into his bank. He agreed on a simple interest rate of 3% per annum for a period of 2 years. At the end of the 2-year period, the value of his investment increased by£72 Work out the value of Dylan's

2. ### Finite math

The manager of a money market fund has invested \$4.2 million in certificates of deposit that pay interest at the rate of 5.4%/year compounded quarterly over a period of 5 years. How much will the investment be worth at the end of

3. ### present value

An investment pays you \$20,000 at the end of this year, and \$10,000 at the end of each of the four following years. What is the present value (PV) of this investment, given that the interest rate is 4% per year?

4. ### math

A coffee mixture has beans that sell for \$0.72 a pound and beans that sell for \$0.52. If 110 pounds of beans create a mixture worth \$0.74 a pound, how much of each bean is used? Model the scenario then solve it. Then, in two or

1. ### math

Suppose Johnny invests \$41,745 into an account, which has been earning interest for many years and he now has a total of \$39,974. In two or more sentences explain why a negative number would/wouldn’t be reasonable in the

2. ### Algebra 1- Help please

Belinda wants to invest \$1000. The table below shows the value of her investment under two different options for three different years: Number of years 1 2 3 Option 1 (amount in dollars) 1100 1210 1331 Option 2 (amount in dollars)

3. ### Math

If an amount of x dollars is invested at 3% interest compounded continuously, and at the end of 6 years the value of the investment is \$4000, find x. x=___

4. ### algerbra

Belinda wants to invest \$1000. The table below shows the value of her investment under two different options for two different years: Number of years 1 2 3 Option 1 (amount in dollars) 1300 1600 1900 Option 2 (amount in dollars)

1. ### Math

Ernie invested \$5,000 in an account for 3 years at 4% interest compounded quarterly Inflation over the period averaged 2% per year. a. Calculate the value of the investment after 3 years b. find the real rate of return on the

2. ### Math--Exponential Functions

Suppose an investment of \$500 doubles in value every 15 years. How much is the investment worth after 30 years? After 45 years? please help!!! i don't even understand how to approach this problem! =(

3. ### compound interest

How do I solve these problems? Complete the table for a savings account in which interest is compounded continuously. 1. Initial Investment: \$1000 Annual % Rate: 3.5% Time to Double: ? Amount After 10 Years: ? 2. Initial

4. ### MATH @Damon @ms. Sue

Belinda wants to invest \$1000. The table below shows the value of her investment under two different options for three different years: Number of years 1 2 3 Option 1 (amount in dollars) 1100 1210 1331 Option 2 (amount in dollars)