Muaz will need $130 000 in 4 years to buy a piece of property. He plans to save money by making equal quarterly deposits into an account earning 6.1% per year compounded quarterly. What is Muaz's quarterly deposit? a) $9218.01 b) $7235.51 c) $1110.69 d) $871.81

Muaz will need $130 000 in 4 years to buy a piece of property. He plans to save money by making equal quarterly deposits into an account earning 6.1% per year compounded quarterly. What is Muaz's quarterly deposit? a) $9218.01 b) $7235.51 c) $1110.69 d) $871.81

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 11E

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Question

Muaz will need $130 000 in 4 years to buy a piece of property.
He plans to save money by making equal quarterly deposits into an account earning
6.1% per year compounded quarterly.
What is Muaz's quarterly deposit?
a) $9218.01
b) $7235.51
O c) $1110.69
d) $871.81

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