Christopher wants to have 50,000 pesos in 4 years by saving equal regular payments. He can make a deposit at the end of each month in account that earns 8.5% per year compounded quarterly. How much must he deposit to achieve his goal?

Christopher wants to have 50,000 pesos in 4 years by saving equal regular payments. He can make a deposit at the end of each month in account that earns 8.5% per year compounded quarterly. How much must he deposit to achieve his goal?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 13PROB

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Question

Christopher wants to have 50,000 pesos in 4 years by saving equal regular
payments. He can make a deposit at the end of each month in account that
earns 8.5% per year compounded quarterly. How much must he deposit to
achieve his goal?

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