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please help Suppose you plan to put money in a bank accouns that pays 8.1% APR, compounded monthly You want to set aside exactly enough
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Suppose you plan to put money in a bank accouns that pays 8.1% APR, compounded monthly You want to set aside exactly enough money to make equal payments evary quater (beginning in one. quarter) for the next throe yoark. What per period interest rate should you use in the annuity formula to do this calculation? In other words, what is y for this calculation? Note that in part you are being graded on whether you know the precision with which you should give your answer. Do not round your answer any more than you would choose bo found the interest rate if you were doing the payment calculation. Nole also that you are not doing the caloulation, only teling me the correct per period interest rate to be used in this calculation. so your ansaer wil be in percent, not dollars.l The interest rate that you should use in the annuity formula tor this calculation is 4%. (Round to the appeopriate degree) Step by Step Solution
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