Suppose your parents decide to give you $10,000 to be put in a college trust fund that will be paid in equally quarterly installments over a 5 year period. If you deposit the money into an account paying 1.5% per quarter, how much are the quarterly payments (Assume the account will have a zero balance at the end of period.)
Suppose your parents decide to give you $10,000 to be put in a college trust fund that will be paid in equally quarterly installments over a 5 year period. If you deposit the money into an account paying 1.5% per quarter, how much are the quarterly payments (Assume the account will have a zero balance at the end of period.)
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 15E
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Suppose your parents decide to give you $10,000 to be put in a college trust fund that will be paid in equally quarterly installments over a 5 year period. If you deposit the money into an account paying 1.5% per quarter, how much are the quarterly payments (Assume the account will have a zero balance at the end of period.)
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