You have decided to set aside a fixed amount every quarter in order to have $12,000 available for a major home renovation project in 4 years. If the money is invested at 6% interest per year, compounded quarterly, how much should be deposited quarterly to reach your goal? Give the answer correctly to 2 decimal places.

You have decided to set aside a fixed amount every quarter in order to have $12,000 available for a major home renovation project in 4 years. If the money is invested at 6% interest per year, compounded quarterly, how much should be deposited quarterly to reach your goal? Give the answer correctly to 2 decimal places.

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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