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Dan receives an inheritance of $75,000, which is deposited into an account, which pays 5.15% interest compounded quarterly. The account will be used to make
Dan receives an inheritance of $75,000, which is deposited into an account, which pays 5.15% interest compounded quarterly. The account will be used to make quarterly payments of $5,000 until the money runs out if they receive their first payment 3 months from now.
a. How many full payments does he receive?
b. What is the size of the last smaller payment?
please show your work
please do not use excel
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