SOLUTION: Ms. Ucalili wants to accumulate P20,000 by the end of 3 years to buy an iPod from her friend Mhutan. She has P5,000 at present and would like to save equal, annual, end-of-year

Question 1200777: Ms. Ucalili wants to accumulate P20,000 by the end of 3
years to buy an iPod from her friend Mhutan. She has
P5,000 at present and would like to save equal, annual,
end-of-year deposits to pay for the iPod. How much
should she deposit at the end of each year in an account
paying an 8% interest to enable her to buy the iPod?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
she would have to invest 4,220.50271 at the end of each year for 3 years so that she can have 20,000 at the end of the investment period.
i used the ti-business analyst 2 in solving this.
an online calculator that does the same thing can be found at https://arachnoid.com/finance/
here's what the results look like.

inputs are everything except payment amount.
payment amount is the output.
present amount and payment are negative because they're what you invest.
future value is positive because it's what you receive from your investment.

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