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 $? at the end of each year Rate 3% compounded annually Click the icon to view some finance formulas. Time 16 years Financial Goal $120,000

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 3CE
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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
$? at the end of each year
iClick the icon to view some finance formulas.
Rate
3% compounded annually
Time
16 years
Financial Goal
$120,000
Transcribed Image Text: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 $? at the end of each year iClick the icon to view some finance formulas. Rate 3% compounded annually Time 16 years Financial Goal $120,000
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