a. Use the appropriate formula to determine the periodic deposit.b. How much of the financial goal comes from deposits and how much comes from interest?Periodic Deposit$2 at the end of each yearRate4% compounded annuallyClick the icon to view some finance formulas.CTime15 yearsFinancial Goal$160,000a. The periodic deposit is $(Do not round until the final answer. Then round up to the nearest dollar as needed.)b. $ of the $160,000 comes from deposits and $comes from interest.(Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)

1) Future Value of anuity = P * [ { (1 + r )n -1 } /r ] where, P = periodic payment r = interest…

a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit $2 at the end of each year Rate 4% compounded annually Click the icon to view some finance formulas. Time 15 years Financial Goal $160,000 a. The periodic deposit is $. (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $ of the $160,000 comes from deposits and $ comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)

a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit $2 at the end of each year Rate 4% compounded annually Click the icon to view some finance formulas. Time 15 years Financial Goal $160,000 a. The periodic deposit is $. (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $ of the $160,000 comes from deposits and $ comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...

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