How much must you deposit today into an account with quarterly compounding interest in an APR of 4.5% in order to have $25,000 in 8 years for down payment on a house? Assume no additional deposits are made. 2. How much must you deposit today into an account with quarterly compounding interest and an APR of 4.5% inorder to have $25,000 in 8 years for a down payment on a house? Assume no additional deposits are made.

Given as, 8 years is $25,000 and APR of 4.5%.

Answered: mpounding interest and an APR of 4.5%…

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mpounding interest and an APR of 4.5% in sume no additional deposits are made.

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

ChapterP: Prologue: Calculator Arithmetic

Section: Chapter Questions

Problem 2TU: If the annual percentage rate is 8% and the interest is compounded monthly, what is the amount owed...

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Question

How much must you deposit today into an account with quarterly compounding interest in an APR of 4.5% in order to have $25,000 in 8 years for down payment on a house? Assume no additional deposits are made.

2. How much must you deposit today into an account with quarterly compounding interest and an APR of 4.5% in
order to have $25,000 in 8 years for a down payment on a house? Assume no additional deposits are made.

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