You would like to have $100,000 in 15 years. To accumulate this amount, you plan on...

You would like to have $100,000 in 15 years. To accumulate this amount, you plan on depositing each year an equal sum into your IRA, which is expected to earn a 7% rate of return compounded annually. Your first deposit will be made immediately and you will make a total of 15 equal annual deposits. In addition to the 15 equal deposits, you will make a one-time $20,000 deposit into your IRA at the end of 5 years. How much will each one of the 15 equal annual deposits into your IRA be?

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jeff jeffy answered 1 year ago

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