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Using an interest rate of 8% compounded quarterly, in how many months from today should this payment be made? Round answer to zero decimal places

Using an interest rate of 8% compounded quarterly, in how many months from today should this payment be made? Round answer to zero decimal places

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Franklin owes the following amounts to the same person: $16,000 due today, $11,500 due in 1¹ years, $17,000 due in 23 years, and $15,000 due in 414 years. He wants to make a single payment of $56,500 instead. Using an interest rate of 8% compounded quarterly, in how many months from today should this payment be made? Round answer to zero decimal places
Transcribed Image Text:Franklin owes the following amounts to the same person: $16,000 due today, $11,500 due in 1¹ years, $17,000 due in 23 years, and $15,000 due in 414 years. He wants to make a single payment of $56,500 instead. Using an interest rate of 8% compounded quarterly, in how many months from today should this payment be made? Round answer to zero decimal places
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