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You would like to contribute to a savings account over the next five years in order to accumulate enough money to take a family trip.
| You would like to contribute to a savings account over the next five years in order to accumulate enough money to take a family trip. Assume an interest rate of 8%, compounded quarterly. How much will accumulate in five years by depositing $600 at the BEGINNING of each of the next 20 quarters? | |||||||||
| Amount invested at the BEGINNING of each quarter | $600 | ||||||||
| Interest rate | 8% | ||||||||
| Compounding periods per year | 4 | ||||||||
| Number of years | 5 | ||||||||
the formula must include =FV
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Hospitality Financial Accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.
2nd Edition
9780470598092, 470083603, 978-0470083604
