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PLEASE SHOW YOUR WORK I believe I have the correct answer just need to be sure! Spence wants to have $455,777 in 14 years. He
PLEASE SHOW YOUR WORK
I believe I have the correct answer just need to be sure!
Spence wants to have $455,777 in 14 years. He plans to make regular savings contributions of $2,236 at the end of each quarter for 14 years, with the first of these regular savings contributions made in one quarter. He also expects to make a special savings contribution of X in 10 years. He expects to earn 7.93% per year on his savings. What is X, the amount of the special savings contribution that Spence will make in 10 years? Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "\$" "," or any other formatting. Carry interim computations to at least 4 decimals. Enter numerical answers as a positive or negative number rounded to 2 decimal places (\#\##.\#\#) Spence wants to have $455,777 in 14 years. He plans to make regular savings contributions of $2,236 at the end of each quarter for 14 years, with the first of these regular savings contributions made in one quarter. He also expects to make a special savings contribution of X in 10 years. He expects to earn 7.93% per year on his savings. What is X, the amount of the special savings contribution that Spence will make in 10 years? Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "\$" "," or any other formatting. Carry interim computations to at least 4 decimals. Enter numerical answers as a positive or negative number rounded to 2 decimal places (\#\##.\#\#)Step by Step Solution
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