Question
To save for post-secondary education, $380 was invested each month for 14 years at 2% compounded quarterly. However, instead of using the accumulated value, payments
To save for post-secondary education, $380 was invested each month for 14 years at 2% compounded quarterly. However, instead of using the accumulated value, payments stopped and the money accumulated for an additional 5 years and the student ended up with $140,000. What was the interest rate compounded quarterly on the account for the additional 5 years?
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
16th Edition
324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140
