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Hot yet answered Marked out of 10
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Hot yet answered Marked out of 10.00 P Flag question 1r. Ibrahim needs to have $ 30,000 in six years if he can earn 10% on any investment, what is the amount that he will have to invest every year at the end of each year in e next six years?
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Future value of annuity = payment *( (1 + interest rate)^n - 1)/interst rate
30000 = payment * (1.1^6 - 1)/.1
Paymnet = 30000/7.71561
He has to invest every year = 3888.22
