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7. To accumulate Php 85 250, Joanna needs to place equal deposits at the end of every 3 months in a fund which earns 18% compounded quarterly. If the first deposit is made on March 28, 2014 and the last is on March 28, 2020, how large should be deposited?

7. To accumulate Php 85 250, Joanna needs to place equal deposits at the end of every 3 months in a fund which earns 18% compounded quarterly. If the first deposit is made on March 28, 2014 and the last is on March 28, 2020, how large should be deposited?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Please answer NO.7 ONLY thank you

6. Jose was in an auto accident. He sued the person at fault and was awarded a structured settlement in which an insurance company will pay him Php 10 000 at the end of each month for the next seven years. How much money should the insurance company invest now at 6%, compounded monthly to guarantee that all the payments can be made? 7. To accumulate Php 85 250, Joanna needs to place equal deposits at the end of every 3 months in a fund which earns 18% compounded quarterly. If the first deposit is made on March 28, 2014 and the last is on March 28, 2020, how large should be deposited?
Transcribed Image Text:6. Jose was in an auto accident. He sued the person at fault and was awarded a structured settlement in which an insurance company will pay him Php 10 000 at the end of each month for the next seven years. How much money should the insurance company invest now at 6%, compounded monthly to guarantee that all the payments can be made? 7. To accumulate Php 85 250, Joanna needs to place equal deposits at the end of every 3 months in a fund which earns 18% compounded quarterly. If the first deposit is made on March 28, 2014 and the last is on March 28, 2020, how large should be deposited?
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