Question
An investor needs $11.000 in 12 years. (a) How much must be deposited into a fund at the end of each quarter at 5% compounded
An investor needs $11.000 in 12 years. (a) How much must be deposited into a fund at the end of each quarter at 5% compounded quarterly for there to be enough money in the fund? (b) Calculate the investor's quarterly deposit if the money is deposited at 7.8% compounded quarterly. Round both to the nearest penny.
Step by Step Solution
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Step: 1
To calculate the quarterly deposits required to accumulate 11000 in 12 years we can use the formula ...
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Contemporary Business Mathematics With Canadian Applications
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
12th Edition
0135285011, 978-0135285015
