You need to have $25,856 available at the end of 9 years. How much to do you have invest each year, starting at the end of this year, for 9 years to achieve this goal if the interest rate is 8%? (Enter your answer as a positive number rounded to 2 decimal places.)

You need to have $25,856 available at the end of 9 years. How much to do you have invest each year, starting at the end of this year, for 9 years to achieve this goal if the interest rate is 8%? (Enter your answer as a positive number rounded to 2 decimal places.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 22P

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You need to have $25,856 available at the end of 9 years. How much to do you have invest each year, starting at the end of this year, for 9 years to achieve this goal if the interest rate is 8%? (Enter your answer as a positive number rounded to 2 decimal places.)
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