Beginning three months from now, you want to be able to withdraw $3,100 each quarter from your bank account to cover college expenses over the next four years. If the account pays 71 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? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Amount needed
Beginning three months from now, you want to be able to withdraw $3,100 each quarter from your bank account to cover college expenses over the next four years. If the account pays 71 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? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Amount needed
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...
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