You would like to have $59,000 in 5 years for the down payment on a new house following graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. (a) How much should you deposit at the end of every three months? (b) How much of the $59,000 comes from deposits? (c) How much of the $59,000 comes from interest? (Round UP to the nearest dollar. For example, $247) () af
You would like to have $59,000 in 5 years for the down payment on a new house following graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. (a) How much should you deposit at the end of every three months? (b) How much of the $59,000 comes from deposits? (c) How much of the $59,000 comes from interest? (Round UP to the nearest dollar. For example, $247) () af
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 11PROB
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Transcribed Image Text:You would like to have $59,000 in 5 years for the down payment on a
new house following graduation by making deposits at the end of every three
months in an annuity that pays 4.25% compounded quarterly. (a) How much
should you deposit at the end of every three months? (b) How much of the
$59,000 comes from deposits? (c) How much of the $59,000 comes from
interest? (Round UP to the nearest dollar. For example, $247)
()
af
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