Thomas is planning to withdraw $8000 from a savings account at the end of each quarter for three years. If the payments are deferred for seven years and interest is 5.36% compounded semi-annually, what amount has to be invested now into the savings account?

Thomas is planning to withdraw $8000 from a savings account at the end of each quarter for three years. If the payments are deferred for seven years and interest is 5.36% compounded semi-annually, what amount has to be invested now into the savings account?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 23P

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