Question
You make quarterly deposits for 4 years (beginning one quarter from now) into an account that with an interest rate of 4.81% compounded monthly. {Hint:
You make quarterly deposits for 4 years (beginning one quarter from now) into an account that with an interest rate of 4.81% compounded monthly. {Hint: since the deposits are quarterly we need to solve for a quarterly effective interest rate.} What is the effect quarterly rate you would use in the formula to solve for uniform quarterly payments?
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Global Business Today
Authors: Charles W. L. Hill Dr, G. Tomas M. Hult
10th edition
1259686698, 978-1259686696
