Periodic Deposit Rate Time Financial Goal $? at the end of every three months 3.75% compounded quarterly 5 years $18,000 a. Use your TVM Solver to calculate the quarterly deposit needed to acheive the financial goal. Round the answer to the nearest cent. b. Use your answer from part (a) to determine approximately how much of the final goal came from deposits and how much came from interest earned. Round both answers to the nearest whole dollar. a. b. In order to have $18,000 in 5 years, you should deposit $ each period. (Round answer to the nearest cent.) Approximately $ of the $18,000 comes from your deposits and $ comes from interest. (Use the answer from part a to find these answers. Round both answers to part b. to the nearest dollar.)

Periodic Deposit Rate Time Financial Goal $? at the end of every three months 3.75% compounded quarterly 5 years $18,000 a. Use your TVM Solver to calculate the quarterly deposit needed to acheive the financial goal. Round the answer to the nearest cent. b. Use your answer from part (a) to determine approximately how much of the final goal came from deposits and how much came from interest earned. Round both answers to the nearest whole dollar. a. b. In order to have $18,000 in 5 years, you should deposit $ each period. (Round answer to the nearest cent.) Approximately $ of the $18,000 comes from your deposits and $ comes from interest. (Use the answer from part a to find these answers. Round both answers to part b. to the nearest dollar.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 12E

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