Ethan wants to set up a fund for his son's education such that he could withdraw $2,982.00 at the beginning of every 3 months for the next 6 years. If the fund can earn 2.80% compounded semi-annually, what amount could he deposit today to provide the payment? Round your answer to the nearest cent
Ethan wants to set up a fund for his son's education such that he could withdraw $2,982.00 at the beginning of every 3 months for the next 6 years. If the fund can earn 2.80% compounded semi-annually, what amount could he deposit today to provide the payment? Round your answer to the nearest cent
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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![Ethan wants to set up a fund for his son's education such that he could withdraw
$2,982.00 at the beginning of every 3 months for the next 6 years. If the fund can earn
2.80% compounded semi-annually, what amount could he deposit today to provide the
payment?
Round your answer to the nearest cent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc423d5b9-377f-428b-ac27-0b7dcd477c97%2F07e45a21-0e45-49e1-b58e-ff06ce21e8d5%2Ftau6y8h_processed.png&w=3840&q=75)
Transcribed Image Text:Ethan wants to set up a fund for his son's education such that he could withdraw
$2,982.00 at the beginning of every 3 months for the next 6 years. If the fund can earn
2.80% compounded semi-annually, what amount could he deposit today to provide the
payment?
Round your answer to the nearest cent
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