A company plans to purchase a new piece of equipment in 16 months. If $5585 is deposited into a savings account at the end of each quarter at 5.61% p.a. compounded quarterly, how much money will be available in 16 months to purchase the equipment? State your answer in dollars ($) with two decimals.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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A company plans to purchase a new piece of equipment in 16 months. If $5585 is deposited into a savings account at the end of each quarter at 5.61% p.a. compounded quarterly, how much money will be available in 16 months to purchase the equipment? State your answer in dollars ($) with two decimals.

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