Beginning three months from now, you want to be able to withdraw €1,200 each quarter from your bank account to cover university expenses over the next four years. Required: If the account pays 1 per cent 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? Assume the money is withdrawn at the beginning of the quarter. (Round your answer to 2 decimal places (e.g., 32.16). The program includes a margin of error of +/- 0.1%.)

Beginning three months from now, you want to be able to withdraw €1,200 each quarter from your bank account to cover university expenses over the next four years. Required: If the account pays 1 per cent 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? Assume the money is withdrawn at the beginning of the quarter. (Round your answer to 2 decimal places (e.g., 32.16). The program includes a margin of error of +/- 0.1%.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EA: You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how...

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Beginning three months from now, you want to be able to withdraw €1,200 each quarter from your bank account to cover university expenses over the next four years.

Required:
If the account pays 1 per cent 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? Assume the money is withdrawn at the beginning of the quarter. (Round your answer to 2 decimal places (e.g., 32.16). The program includes a margin of error of +/- 0.1%.)

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