SOLUTION: Find the lump sum deposited today that will yield the same total amount as this yearly payment (made at the end of each year for 20 years at the given interest rate, compounded ann
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Question 309370: Find the lump sum deposited today that will yield the same total amount as this yearly payment (made at the end of each year for 20 years at the given interest rate, compounded annually).
$10,700 at 8% Answer by nyc_function(2741) (Show Source):
You can put this solution on YOUR website! A = P × (1 + r)^n is the formula you need.
You are solving for A.
A = 10,700 * (1 + 0.08)^20
Can you do it now?
