To help with a down payment on a home, Jenny is going to invest. Assuming an interest rate of 1.67% compounded quarterly, how much would she have to invest to have $38,900 after 7 years?

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 11E
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To help with a down payment on a home, Jenny is going to invest. Assuming an interest rate of 1.67% compounded quarterly, how much would she have to invest to have $38,900 after 7 years?

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