Question
Please show the work, I'm not understanding how to do these and the excel pictures aren't helping Currently (on January 1, 2017), Nolan wants to
Please show the work, I'm not understanding how to do these and the excel pictures aren't helping
Currently (on January 1, 2017), Nolan wants to have $45,000 available on December 31 2022 to purchase a luxury car. To be able to have this amount available, Nolan will make equal quarterly deposits for the next six years in an investment account earning a 16% annual return compounded quarterly. Nolan will make these deposits at the end of March, June, September, and December. What is the amount to be deposited quarterly for the next six years that will provide for a $45,000 balance at the end of 2022?
Jeff desires to accumulate $13,603.83 by December 1, 2018. To accumulate that sum, he will make six equal semiannual deposits of $2,000, beginning on June 1, 2016, into a fund that earns interest compounded semiannually. What annual rate of interest must the fund provide to yield the desired sum?
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