Linda Ogleby wants to accumulate $40,000 to use for an around the world trip. She plans to accumulate the desired amount by depositing $5,500 annual-year-end payments into an account at the National Bank which pays 4% interest, compounded annually.
Compute the account balance at the end of the sixth year.
Account balance $
2. Compute the amount of each payment that Linda must make at the end of each of the six years to accumulate the $40,000.
Amount of each payment $