Janice would like to send her parents on a cruise for their 25th wedding anniversary.She has priced the cruise at $15,000 and she has 5 years to accumulate this money.How much must Janice deposit annually in an account paying 10 percent interest in order to have enough money to send her parents to cruise? (Round to the nearest whole dollar)
A) $1,862
B) $2,457
C) $3,000
D) $2,234
E) $2,135
Correct Answer:
Verified
Q1: Tony plans to deposit $1,000 at the
Q3: Dan plans to fund his individual retirement
Q4: Sarah found her dream lakefront home,valued at
Q5: Joe expects to start working immediately after
Q6: Joan is diligent and,starting on her 19th
Q7: The future value of a $10,000 annuity
Q8: You just won the Sweepstakes and have
Q9: You can invest $3,000 at the end
Q10: Actively managed mutual funds charge higher management
Q11: Gina has planned to start college education
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents