You would like to have $55,000 in 12 years by making regular, end of year deposits in an annuity that pays 8% compounded annually. How much should you deposit each year? Do not round until the final answer. Then, round to the nearest dollar.

Question

anonymous · Answer

$2643 per year.. correct?

anonymous · Answer

A $5,171
B $2,899
C $4,472
D $3,305

anonymous · Answer

b

55000= x ((1+0.08)^12-1)/0.08

anonymous · Answer

So the answer would be B ?  which formula did you use

anonymous · Answer

FV=C((1+r)^t  −1)/r

FV = future value
r = rate
t = time

anonymous · Answer

@nphuongsun93  Thank you so much for the help  and sorry if i bothered u with all my questions

anonymous · Answer

lol dw