A trust will provide $12,000 to a county library at the beginning of each 3-month period for the next 2.5 years. If the money is worth an annual rate of 6.8%, compounded quarterly, find the amount in the trust when it begins. Round your answer to the nearest cent. a. $111,364.28 b. $85,257.67 c. $352,106.39 d. $284,945.37
A trust will provide $12,000 to a county library at the beginning of each 3-month period for the next 2.5 years. If the money is worth an annual rate of 6.8%, compounded quarterly, find the amount in the trust when it begins. Round your answer to the nearest cent. a. $111,364.28 b. $85,257.67 c. $352,106.39 d. $284,945.37
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 24E
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A trust will provide $12,000 to a county library at the beginning of each 3-month period for the next 2.5 years. If the money is worth an annual rate of 6.8%, compounded quarterly, find the amount in the trust when it begins. Round your answer to the nearest cent.
a. |
$111,364.28 |
|
b. |
$85,257.67 |
|
c. |
$352,106.39 |
|
d. |
$284,945.37 |
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