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Essay text:
You need $28, 974 at the end of 10 years, and your only investment outlet is an 8% long term certificate of deposit (compounded annually). With the COD, you make an initial investment at the beginning of the year.
a. What single payment could be made at the beginning of the first year to achieve this objective?
This is a calculation of present values of the amount.
Future Value = 28, 974, Discount rate = 8%; number of years = 10
Compute PV = $13,420.57, which is the single payment that should be made at the beginning of the first year
(compute with EXCEL “=PV( )” comman)
b. What amount could you pay at the end of each year annually for 10 years to achieve this objective?
This is a calculation of present values of the annual payment:...
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