Sali would like to send her parents on a cruise for their 25th wedding anniversary. She has priced the cruise at $15,000, and she has 5 years to accumulate this money. How much must Sali deposit annually in an account paying 10 percent interest in order to have enough money to send her parents on the cruise? Select one a. $3,000 b. $2,234 C. $1,862 d. 52,457
Sali would like to send her parents on a cruise for their 25th wedding anniversary. She has priced the cruise at $15,000, and she has 5 years to accumulate this money. How much must Sali deposit annually in an account paying 10 percent interest in order to have enough money to send her parents on the cruise? Select one a. $3,000 b. $2,234 C. $1,862 d. 52,457
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 13E
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