I have a question I need help with in Personal Finance?

Posted on August 24, 2010 by
~Joy~ asked:


I do NOT want to cheat. I just want someone to help me understand how to calculate this finance question. If you wanted to save 5,000 in 3 years and you already had 1000. With an interest rate of 8%, how would you go about calculating the equal year end deposits?

Alicia
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One Response to I have a question I need help with in Personal Finance?

  1. REIBroker says:
    August 26, 2010 at 12:23 am

    Bonnie

    I have a handheld financial calculator but that’s not practical for answering your question. I did a quick search and found this calculator online that should answer your question. It won’t tell you HOW to do it but it may help you understand how to do it: