Minu deposits $950 at the end of each quarter for 6 years in an account that earns 1.8% per year compounded quarterly. At the end of 6 years she has $32 501.04. /hat would the amount of the annuity be if she doubles the time period to 12 ears?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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Minu deposits $950 at the end of each quarter for 6 years in an account that earns
11.8% per year compounded quarterly. At the end of 6 years she has $32 501.04.
What would the amount of the annuity be if she doubles the time period to 12
years?
Transcribed Image Text:Minu deposits $950 at the end of each quarter for 6 years in an account that earns 11.8% per year compounded quarterly. At the end of 6 years she has $32 501.04. What would the amount of the annuity be if she doubles the time period to 12 years?
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