Edward made equal deposits at the beginning of every 3 months into an RRSP. At the end of 6 years, the fund had an accumulated value of $40,000. If the RRSP was earning 3.75% compounded monthly, what was the size of the quarterly deposits?

Edward made equal deposits at the beginning of every 3 months into an RRSP. At the end of 6 years, the fund had an accumulated value of $40,000. If the RRSP was earning 3.75% compounded monthly, what was the size of the quarterly deposits?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 26P

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Question

Edward made equal deposits at the beginning of every 3 months into an RRSP. At the
end of 6 years, the fund had an accumulated value of $40,000. If the RRSP was earning
3.75% compounded monthly, what was the size of the quarterly deposits?
$0.00
Round to the nearest cent

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