(Annuity Payments) To pay for your child’s education, you wish to have accumulated $14,000 at the end of 11 years. To do this you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 12 percent compounded annually, how much must you deposit each year to obtain your goal?
The amount of money you must deposit each year in order to obtain your goal is $____(Round to the nearest cent)
1. (Annuity number of periods) How long will it take to pay off a loan of $54,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of $650? Use five decimal places for the monthly percentage rate in your calculations.
The number of years it takes to pay off the loan is ___years. (Round to the nearest cent)