Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

59. Uptown Industries just decided to save $3,000 a quarter for the next three years. The money will earn 2.75 percent, compounded quarterly, and the

59. Uptown Industries just decided to save $3,000 a quarter for the next three years. The money
will earn 2.75 percent, compounded quarterly, and the first deposit will be made today. If the company
had wanted to deposit one lump sum today, rather than make quarterly deposits, how much would it
have had to deposit today to have the same amount saved at the end of the three years?
A. $34,441.56
B. $34,678.35
C. $33,428.87
D. $33,687.23
E. $34,998.01

- I believe the answer is B but I can not get this number on a financial calculator (BA 2).

Step by Step Solution

3.30 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

To solve this problem you can use the formula for the future value of an annuity to find out how muc... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Authors: Thomas Garman, Raymond Forgue

12th edition

9781305176409, 1133595839, 1305176405, 978-1133595830

More Books

Students also viewed these Finance questions

Question

Can partitioned join be used for r r.A s? Explain your answer

Answered: 1 week ago

Question

v. Mai,ric, Superstitio n , a11d/or Mysticism iii. In H ealth Care

Answered: 1 week ago