Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Rylee Enterprise wants to accumulate a total sum of $828,000 in a few years. They want to deposit $115,900 today and make additional $18,700 deposits

image text in transcribed
Rylee Enterprise wants to accumulate a total sum of $828,000 in a few years. They want to deposit $115,900 today and make additional $18,700 deposits at the end of every three months thereafter. How many additional deposits and how long will it take to accumulate the $828,000 if interest rate is 9.34% compounded semi-annually? Enter the future value as a positive value in the FV box below. Enter PV and PMT as positive or negative values based on FV being positive. Report N (number of additional deposits) as a whole number. P/Y= C/Y= N= I/Y= PV=s PMT=$ FV=$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions