**Ordinary Annuity Savings Calculation**Josh has always dreamed of opening a café by the seaside. To save for this goal, he decides to start an ordinary annuity. An ordinary annuity earns 4.8% interest, compounded quarterly, with deposits made at the end of each quarter.**Question:**How much money will Josh need to deposit each quarter into the annuity for it to have a total value of $24,000 after 7 years?**Instructions:**Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the [list of financial formulas](#).**Input Field:**[$_________________]**Additional Information:**- Interest Rate: 4.8% annually, compounded quarterly- Duration: 7 years- Total Future Value: $24,000To solve this, you need to determine the quarterly deposit amount that will grow to $24,000 over 7 years with the given interest rate.

Future Value of Ordinary Annuity: It represents the future value of the annuity cash flows made at…

How much money will he need to deposit into the annuity each quarter for the annuity to have a total value of $24,000 after 7 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.

How much money will he need to deposit into the annuity each quarter for the annuity to have a total value of $24,000 after 7 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 3PB: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...

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