Sophie has already saved $14,150 in her RRSP today and she plans to continue to add on equal deposits at the end of every year for the next 7 years. What annual payment is required to accumulate $70,000 in total at the end of the 7 years if the nominal rate of return on the investment is 6.33% compounded semi-annually? Enter the future value as a positive value in the FV box below. Enter PV and PMT as positive or negative values based on FV being positive. Report PMT accurate to the nearest cent. P/Y= C/Y= N= I/Y= PV = $ PMT= $ FV = $ The size of each annual payment required is (enter a positive value) $

Sophie has already saved $14,150 in her RRSP today and she plans to continue to add on equal deposits at the end of every year for the next 7 years. What annual payment is required to accumulate $70,000 in total at the end of the 7 years if the nominal rate of return on the investment is 6.33% compounded semi-annually? Enter the future value as a positive value in the FV box below. Enter PV and PMT as positive or negative values based on FV being positive. Report PMT accurate to the nearest cent. P/Y= C/Y= N= I/Y= PV = $ PMT= $ FV = $ The size of each annual payment required is (enter a positive value) $

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 16P

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