You want to have $50,000 in 5 years. How much must you deposit each QUARTER in an account paying 10% compounded quarterly to reach this goal in 5 years? (Round to the nearest cent.) How much is your total contribution? (Round to the nearest cent.) How much interest did you earn for this investment? (Round to the nearest cent.)
You want to have $50,000 in 5 years. How much must you deposit each QUARTER in an account paying 10% compounded quarterly to reach this goal in 5 years? (Round to the nearest cent.) How much is your total contribution? (Round to the nearest cent.) How much interest did you earn for this investment? (Round to the nearest cent.)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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