Mrs. RF wants to provide a 200,000 graduation gift for her daughter Angel. She is now 16 yrs. old, and she would like the fund to be available by the time she is 20. She decides on an investment that pays 10% compounded quarterly. How large must the deposit be

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Mrs. RF wants to provide a 200,000 graduation gift for her daughter Angel. She is now 16 yrs. old, and she would like the fund to be available by the time she is 20. She decides on an investment that pays 10% compounded quarterly. How large must the deposit be?

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