Question 3 (1 point)
You need to accumulate $81,972 for your son’s education. You have decided to place equal year-end deposits in a savings account for the next 7 years. The savings account pays 13.24 percent per year, compounded annually. How much will each annual payment be?
Round the answer to two decimal places.
Homework #3C (How much will each annual payment be (Using FV or PV)