An investor needs $17,000 in 13 years. (a) What amount should be deposited in a fund at the end of each quarter at 7% compounded quarterly so that there will be enough money in the fund? (b) Find the investor's quarterly deposit if the money is deposited at 5.5% compounded quarterly. (a) The deposit should be $ (Round to the nearest cent as needed.) (b) The deposit should be $ ...
An investor needs $17,000 in 13 years. (a) What amount should be deposited in a fund at the end of each quarter at 7% compounded quarterly so that there will be enough money in the fund? (b) Find the investor's quarterly deposit if the money is deposited at 5.5% compounded quarterly. (a) The deposit should be $ (Round to the nearest cent as needed.) (b) The deposit should be $ ...
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
Problem 1PS
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Transcribed Image Text:An investor needs $17,000 in 13 years.
(a) What amount should be deposited in a fund at the end of each quarter at 7% compounded quarterly so that there will
be enough money in the fund?
(b) Find the investor's quarterly deposit if the money is deposited at 5.5% compounded quarterly.
(a) The deposit should be $.
(Round to the nearest cent as needed.)
(b) The deposit should be $.
(Round to the nearest cent as needed.)
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