Question
Spence wants to have $467,297 in 13 years. He plans to make regular savings contributions of $2,877 at the end of each quarter for 13
Spence wants to have $467,297 in 13 years. He plans to make regular savings contributions of $2,877 at the end of each quarter for 13 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 9 years. He expects to earn 4.42% per year on his savings. What is X, the amount of the special savings contribution that Spence will make in 9 years?
The answer given is 223,615.25, I am just not able to get to that answer myself. How do I manage this question? Thank you so much!
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