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An investor needs $21,000 in 12 years. (a) What amount should be deposited in a fund at the end of each quarter at 5% 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 6% compounded quarterty

An investor needs $21,000 in 12 years. (a) What amount should be deposited in a fund at the end of each quarter at 5% 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 6% compounded quarterty

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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please help me with part b. thank you!

An investor needs $21,000 in 12 years (a) What amount should be deposited in a fund at the end of each quarter at 5% 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 6% compounded quarterly. (a) The deposit should be $ 321.95. (Round to the nearest cent as needed.) (b) The deposit should be S (Round to the nearest cent as needed.)
Transcribed Image Text:An investor needs $21,000 in 12 years (a) What amount should be deposited in a fund at the end of each quarter at 5% 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 6% compounded quarterly. (a) The deposit should be $ 321.95. (Round to the nearest cent as needed.) (b) The deposit should be S (Round to the nearest cent as needed.)
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