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Lab Assessment Question 19, P6-53 (similar to) Part 4 of 4 HW Score: 55%, 11 of 20 points Points: 0 of 1 Save (Comprehensive problem) You would like to have 54,000 in 13 years. To accumulate this amount, you plan to deposit an equal sum in the bank each year that will earn 6 percent interest compounded annually. Your first payment will be made at the end of the year. a. How much must you deposit annually to accumulate this amount? b. If you decide to make a large lump-sum deposit today instead of the annual deposits, how large should this lump-sum deposit be? (Assume you can earn 6 percent on this deposit.) c. At the end of five years, you will receive 15,000 and deposit this in the bank toward your goal of 54,000 at the end of year 13. In addition to the lump-sum deposit, how much must you deposit in equal annual amounts, beginning in year 1 to reach your goal? (Again, assume you can earn 6 percent on your deposits.) a. How much must you deposit annually to accumulate this amount? 2859.85 (Round to the nearest cent.) b. If you decide to make a large lump-sum deposit today instead of the annual deposits, how large should the lump-sum deposit be? 25317.31 (Round to the nearest cent.) c. If you deposit 15,000 received at the end of five years in the bank, what will the amount grow to by the end of year 13? 23907.72 (Round to the nearest cent) In addition to the lump-sum deposit, how much must you deposit in equal annual amounts, beginning in year 1 to reach your goal? (Round to the nearest cent.)
in a building rented strictly to whites, in a section of the basement that was shut off and forgotten during the nineteenth century, which I discovered when I was trying to escape in the night from Ras the Destroyer. But that's getting too far ahead of the story, almost to the end, although the end is in the beginning and lies far ahead. The point now is that I found a home-or a hole in the ground, as you will. Now don't jump to the conclusion that because I call my home a "hole" it is damp and cold like a grave; there are cold holes and warm holes. Mine is a warm hole. And remember, a bear retires to his hole for the winter and lives until spring; then he comes strolling out like the Easter chick breaking from its shell. I say all this to assure you that it is incorrect to assume that, because I'm invisible and live in a hole, I am dead. I am neither dead nor in a state of suspended animation. Call me Jack-the-Bear, for I am in a state of hibernation. My hole is warm and full of light. Yes, full of light. I doubt if there is a brighter spot in all New York than this hole of mine, and I do not exclude Broadway. Or the Empire State Building on a photographer's dream night. But that is taking advantage of you. Those two spots are among the darkest of our whole civilization-pardon me, our whole culture (an important distinction, I've heard)-which might sound like a hoax, or a contradiction, but that (by contradiction, I mean) is how the world moves: Not like an arrow, but a boomerang. (Beware of those who speak of the spiral of history; they are preparing a boomerang. Keep a steel helmet handy.) I know; I have been boomeranged across my head so much that I now can see the darkness of lightness. And I love light. Perhaps you'll think it strange that an invisible man should need light, desire light, love light. But maybe it is exactly because I am invisible. Light confirms my reality, gives birth to my form.