You want to invest $6,000 annually beginning now in order to accumulate $33,300 for a down payment on a house in five years. To find the annual interest rate you would need to receive to accomplish this goal, you would search the fifth row in the:

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22-03-2022
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You want to invest $6,000 annually beginning now in order to accumulate $33,300 for a down payment on a house in five years. To find the annual interest rate you would need to receive to accomplish this goal, you would search the fifth row in the:

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-04-05T09:36:56+02:00

To find the annual interest rate you would need to receive to accomplish this goal, you would search the fifth row in the: Future value of a annuity due of $1 table for the factor closed to 5.55.

Future value of a annuity due

Since we have $6,000 as the amount invested annually and we need to accumulate $33,300.

Therefore the annuity factor required is:

Annuity factor=$33,300/$6,000

Annuity factor=5.55 and its future value of annuity

Inconclusion Future value of a annuity due of $1 table for the factor closed to 5.55.

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