A company plans to purchase a new piece of equipment in 16 months. If $5585 is deposited into a savings account at the end of each quarter at 5.61% p.a. compounded quarterly, how much money will be available in 16 months to purchase the equipment? State your answer in dollars ($) with two decimals.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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A company plans to purchase a new piece of equipment in 16 months. If $5585 is deposited into a savings account at the end of each quarter at 5.61% p.a. compounded quarterly, how much money will be available in 16 months to purchase the equipment? State your answer in dollars ($) with two decimals.

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