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A company must make a payment of $350,000 two years from today. How much must the company deposit per quarter in an account that
A company must make a payment of $350,000 two years from today. How much must the company deposit per quarter in an account that earns 4% interest every quarter so that it has $350,000 at the end of 2 years? (Hint: interest rate is already given as per quarter).
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Answer There are two main concepts involved here future value and compound interest Future Value This is the value of an investment at a specific futu...
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Mathematical Applications for the Management Life and Social Sciences
Authors: Ronald J. Harshbarger, James J. Reynolds
11th edition
9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042
