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Beginning three months from now, you want to be able to withdraw $2,200 each quarter from your bank account to cover college expenses over the next four years. the account pays .43 percent interest per quarter, how much do you need to have in your bank account today to meet your expense needs over the next four years? Quarterly withdrawal Quarters per year Number of years Interest rate per quarter EA 2,200 4 0.43%

Beginning three months from now, you want to be able to withdraw $2,200 each quarter from your bank account to cover college expenses over the next four years. the account pays .43 percent interest per quarter, how much do you need to have in your bank account today to meet your expense needs over the next four years? Quarterly withdrawal Quarters per year Number of years Interest rate per quarter EA 2,200 4 0.43%

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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Beginning three months from now, you want to be able to withdraw $2,200 each quarter from your bank account to cover college expenses over the next four years. If the account pays .43 percent interest per quarter, how much do you need to have in your bank account today to meet your expense needs over the next four years? Quarterly withdrawal Quarters per year Number of years Interest rate per quarter $ 2,200 4 4 0.43% Complete the following analysis. Do not hard code values in your calculations. Your answer should be positive. Amount needed today
Transcribed Image Text:Beginning three months from now, you want to be able to withdraw $2,200 each quarter from your bank account to cover college expenses over the next four years. If the account pays .43 percent interest per quarter, how much do you need to have in your bank account today to meet your expense needs over the next four years? Quarterly withdrawal Quarters per year Number of years Interest rate per quarter $ 2,200 4 4 0.43% Complete the following analysis. Do not hard code values in your calculations. Your answer should be positive. Amount needed today
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