Mathematics, 10.02.2021 20:10 okokalyssa
Robert’s employer offers its workers an optional two-month paid vacation after 7 years of service to the firm. Robert, who just started working for the firm, plans to spend his vacation touring Europe at an estimated cost of $24,000. To finance his trip, Robert plans to make an annual deposit of $2,500 into a savings account at the end of each of the next seven years. The account pays 8% interest compounding annually.. PLZ HELP
a. What will be the balance in Robert's account after 7 years?
b. What does he need to deposit each year to reach the $24,000 goal?
Answers: 1
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