In 12 years Joey and Monica would like to have $24000 for a down payment on a house. Their budget only allows them to save $392.01 per quarter. What nominal annual interest rate, compounded quarterly, must their saving account pay? Answer = %.
In 12 years Joey and Monica would like to have $24000 for a down payment on a house. Their budget only allows them to save $392.01 per quarter. What nominal annual interest rate, compounded quarterly, must their saving account pay? Answer = %.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.18E
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![In 12 years Joey and Monica would like to have $24000 for a down payment on a house. Their budget only allows them to save $392.01 per quarter.
What nominal annual interest rate, compounded quarterly, must their saving account pay?
Answer =
%.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbc88b182-9eff-4f26-8872-d057bf73cd9d%2F231e0fe0-73fb-4761-8db7-0d9edbc01a25%2F6u2fql2j_processed.png&w=3840&q=75)
Transcribed Image Text:In 12 years Joey and Monica would like to have $24000 for a down payment on a house. Their budget only allows them to save $392.01 per quarter.
What nominal annual interest rate, compounded quarterly, must their saving account pay?
Answer =
%.
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