An account pays 3.3% interest compounded quarterly. Marson will make a regular deposit at the end of every 3 months, and wishes to reach a goal of $5500 after 4 years. What is the amount of the regular deposit every 3 months?
An account pays 3.3% interest compounded quarterly. Marson will make a regular deposit at the end of every 3 months, and wishes to reach a goal of $5500 after 4 years. What is the amount of the regular deposit every 3 months?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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An account pays 3.3% interest compounded quarterly.
Marson will make a regular deposit at the end of every 3 months, and wishes to reach a goal of $5500 after 4 years.
What is the amount of the regular deposit every 3 months?
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