Problem 04.048 Equivalence When PP

How much would your parents have to deposit each month into an account that grows at a rate of 11% per year compounded bi-monthly (compounded once in two months) if they want to have $74,000 at the end of year 4 to cover part of your college expenses? Assume no interperiod compounding.

$1,268.66 is WRONG.

Problem 04.048 Equivalence when PP CP How much would your parents have to deposit each month into an account that grows at a rate of 11% per year compounded bi- monthly (compounded once in two months) if they want to have $74,000 at the end of year 4 to cover part of your college expenses? Assume no interperiod compounding. Parents have to deposit $ each month