Ingrid wants to buy a $22,000 car in 6 years. How much money must she deposit at the end of each quarter in an account paying 5.8% compounded quarterly so that she will have enough to pay for her car? How much money must she deposit at the end of each quarter? (Round to the nearest cent as needed.)
Ingrid wants to buy a $22,000 car in 6 years. How much money must she deposit at the end of each quarter in an account paying 5.8% compounded quarterly so that she will have enough to pay for her car? How much money must she deposit at the end of each quarter? (Round to the nearest cent as needed.)
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 5E
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