judd is launching a new small-business venture and needs to purchase some equipment. A supplier offers him
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Question:
judd is launching a new small-business venture and needs to purchase some equipment. A supplier offers him a deal whereby he can pay $250,000 two years from now for the equipment. Starting three months from now, Judd plans to deposit a fixed amount every quarter (i.e., every three months) in a bank account, so that at the end of two years the account holds exactly $250,000. If the account pays 5.5% APR with monthly compounding, how much must Judd deposit every quarter?
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