Please help me solve this. Please show every so I can understand. Question: A quinceañera fund is established by making four (4) identical deposits: Upon the birth of a baby girl, Upon the girl's 1st birthday, Upon the girl's 2nd birthday, and Upon the girl's 3rd birthday. Suppose that the fund that pays 4% interest compounded annually, and that the full balance of 10,527 dollars is withdrawn upon the girl's 15th birthday. How much is the amount of each deposit? Round your answer to the nearest whole number. Do not use currency signs s
Please help me solve this. Please show every so I can understand. Question: A quinceañera fund is established by making four (4) identical deposits: Upon the birth of a baby girl, Upon the girl's 1st birthday, Upon the girl's 2nd birthday, and Upon the girl's 3rd birthday. Suppose that the fund that pays 4% interest compounded annually, and that the full balance of 10,527 dollars is withdrawn upon the girl's 15th birthday. How much is the amount of each deposit? Round your answer to the nearest whole number. Do not use currency signs s
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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Please help me solve this. Please show every so I can understand.
Question:
A quinceañera fund is established by making four (4) identical deposits:
Upon the birth of a baby girl,
Upon the girl's 1st birthday,
Upon the girl's 2nd birthday, and
Upon the girl's 3rd birthday.
Suppose that the fund that pays 4% interest compounded annually, and that the full balance of 10,527 dollars is withdrawn upon the girl's 15th birthday. How much is the amount of each deposit?
Round your answer to the nearest whole number. Do not use currency signs such as "$."
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