How much must be deposited at the beginning of each year in an account that pays 5%, compounded annually, so that the account will contain $32,000 at the end of 3 years? (Round your answer to the nearest ce

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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How much must be deposited at the beginning of each year in an account that pays 5%, compounded annually, so that the account will contain $32,000 at the end of 3 years? (Round your answer to the nearest cent.)

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