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In: Finance

 You would like to have ​$50,000 in 12 years. To accumulate this​ amount, you plan to...

 You would like to have ​$50,000 in 12 years. To accumulate this​ amount, you plan to deposit an equal sum in the bank each year that will earn 10 percent interest compounded annually. Your first payment will be made at the end of the year. a.  How much must you deposit annually to accumulate this​ amount? b.  If you decide to make a large​ lump-sum deposit today instead of the annual​ deposits, how large should this​ lump-sum deposit​ be? ​ (Assume you can earn 10 percent on this​ deposit.) c.  At the end of five​ years, you will receive ​$15,000 and deposit this in the bank toward your goal of ​$50,000 at the end of year 12. In addition to the​ lump-sum deposit, how much must you deposit in equal annual​ amounts, beginning in year 1 to reach your​ goal? ​ (Again, assume you can earn 10 percent on your​ deposits.)

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As nothing was mentioned excel is used. If you need with financial formula, let me know, will do that also. Thank you.


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