You have a bank account with The Bank of West Chester that pays you .67% interest per quarter. You have been saving for many years to pay some college expenses. You will begin taking $2,700 out of the account over the next 4 years in equal installments every quarter, beginning 3 months from today. How much money do you need in your account today to be able to make all those quarterly installments over the next 4 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Amount needed
You have a bank account with The Bank of West Chester that pays you .67% interest per quarter. You have been saving for many years to pay some college expenses. You will begin taking $2,700 out of the account over the next 4 years in equal installments every quarter, beginning 3 months from today. How much money do you need in your account today to be able to make all those quarterly installments over the next 4 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Amount needed
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 31P
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