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Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $200 quarterly, with
Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $200 quarterly, with payments made at the beginning of each quarter, over the next 10 years.How much can he spend on his boat today if the interest rate is 7.6% per annum compounded quarterly?
Payments of $1,000 per quarter are deposited into a fund at the end of each quarter for 6 years. If interest is 9% p.a. compounding quarterly, the size of the fund at the end of 6 years will be:
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