Question
Spence wants to have $451,072 in 14 years. He plans to make regular savings contributions of $2,791 at the end of each quarter for 14
Spence wants to have $451,072 in 14 years. He plans to make regular savings contributions of $2,791 at the end of each quarter for 14 years, with the first of these regular savings contributions made in one quarter. He also expects to make a special savings contribution of X in 8 years. He expects to earn 3.47% per year on his savings. What is X, the amount of the special savings contribution that Spence will make in 8 years?
Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," 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 (###.##)
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