YOU ARE SAVING MONEY TO BUY A HOUSE IN TEN YEARS. YOU WILL NEED $75...
6. You are saving money to buy a house in ten years. You will need $75,000 to
make the down payment at that time. Due to some other financial commitments
you won’t be able to deposit any money in years 9 and 10 towards this down
payment. How much equal amounts must you deposit in a savings account at the
end of each year (other than years 9 and 10) in order to save $75,000 if the
savings account pays interest at 10 percent per year compounded annually?
A) $3,875
B) $4,115
C) $5,420
D) $6,558