How much should you deposit each year for the next four year


Problem

1. Your small business requires an IT upgrade which will cost $220,000 in 4 years. As of today, you have allocated $24,000 towards this upgrade, which is currently sitting in an investment account that earns 10% interest.

2. Instead of coming up with cash at the time ofthe IT upgrader you want to set some money aside each year by making 4 annual deposits over the next 4 years into a second investment account that earns 9.5% interest. How much should you deposit each year for the next4 years so that you would have $220,000 in 4years? Include the original investment from part (1) {prior problem) [enter number only, no commas, dollar sign or decimals}

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Financial Accounting: How much should you deposit each year for the next four year
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