AntDiesel4389 AntDiesel4389

23-07-2020
Business

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Steve Madison needs $353,100 in 10 years.How much must he invest at the end of each year, at 9% interest, to meet his needs?

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ewomazinoade ewomazinoade

27-07-2020

Answer:

$23,241.07

Explanation:

To determine the annual annuity, this formula would be used

PV = FV / annuity factor

Annuity factor = {[(1+r)^n] - 1} / r = (1.09^10 - 1 ) / 0.09 = 15.192930

$353,100 / 15.192930 = $23,241.07

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