SOLUTION: I have $1500 in a savings account drawing 6% interest and would like to make a payment once year for three years to have an ending balance of $10,000 at the end of the three years
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Question 269030: I have $1500 in a savings account drawing 6% interest and would like to make a payment once year for three years to have an ending balance of $10,000 at the end of the three years. I need for these payments to be the same amount to make it easier for me to remember. Can you please help me by giving the formula for this? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! I have $1500 in a savings account drawing 6% interest and would like to make a payment once year for three years to have an ending balance of $10,000 at the end of the three years
:
I used the financial feature on my TI83 with your figures and came up with
$2579.93, just make it $2580 deposited every year (compounded once a year)
If compounded quarterly you only need 2574
