A person deposits an annual amount into a savings account that decreases at a constant rate of $ 500 per year. The size of the first deposit made is $ 10,000 and the last one is $ 5,500. If the savings account earns 15% per year, how large must a constant annual deposit be for the same amount of time so that the accumulated amount is the same? Show the flow chart

A person deposits an annual amount into a savings account that decreases at a constant rate of $ 500 per year. The size of the first deposit made is $ 10,000 and the last one is $ 5,500. If the savings account earns 15% per year, how large must a constant annual deposit be for the same amount of time so that the accumulated amount is the same? Show the flow chart

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...

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