To help out with her retirement savings, Kaitlin invests in an ordinary annuity that earns 2.4% interest, compounded quarterly. Payments will be made at the end of each quarter. How much money does she need to pay into the annuity each quarter for the annuity to have a total value of $98,000 after 19 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. X S ? i O E D !

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 23P
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To help out with her retirement savings, Kaitlin invests in an ordinary
annuity that earns 2.4% interest, compounded quarterly. Payments will be
made at the end of each quarter.
How much money does she need to pay into the annuity each quarter
for the annuity to have a total value of $98,000 after 19 years?
Do not round intermediate computations, and round your final answer to
the nearest cent. If necessary, refer to the list of financial formulas.
$0
X
5 ?
▷
B
Transcribed Image Text:To help out with her retirement savings, Kaitlin invests in an ordinary annuity that earns 2.4% interest, compounded quarterly. Payments will be made at the end of each quarter. How much money does she need to pay into the annuity each quarter for the annuity to have a total value of $98,000 after 19 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. $0 X 5 ? ▷ B
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