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You have decided to set aside a fixed amount every quarter in order to have $28,000 available for a major home renovation project in 4 years. If the money is invested at 7% interest per year, compounded quarterly, how much should be deposited quarterly to reach your goal? Give the answer correctly to 2 decimal places. dollars Do NOT use the dollar sign in the answer box.

You have decided to set aside a fixed amount every quarter in order to have $28,000 available for a major home renovation project in 4 years. If the money is invested at 7% interest per year, compounded quarterly, how much should be deposited quarterly to reach your goal? Give the answer correctly to 2 decimal places. dollars Do NOT use the dollar sign in the answer box.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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**Investment Calculation for Future Savings** You have decided to set aside a fixed amount every quarter in order to have $28,000 available for a major home renovation project in 4 years. If the money is invested at 7% interest per year, compounded quarterly, how much should be deposited quarterly to reach your goal? **Task:** Calculate the quarterly deposit required. - **Interest Rate:** 7% per year, compounded quarterly. - **Goal Amount:** $28,000. - **Time Frame:** 4 years. **Instructions:** - Provide your answer correctly to two decimal places. - Enter the amount in dollars. - Do NOT use the dollar sign in the answer box. **Example Answer Format:** - 1234.56
Transcribed Image Text:**Investment Calculation for Future Savings** You have decided to set aside a fixed amount every quarter in order to have $28,000 available for a major home renovation project in 4 years. If the money is invested at 7% interest per year, compounded quarterly, how much should be deposited quarterly to reach your goal? **Task:** Calculate the quarterly deposit required. - **Interest Rate:** 7% per year, compounded quarterly. - **Goal Amount:** $28,000. - **Time Frame:** 4 years. **Instructions:** - Provide your answer correctly to two decimal places. - Enter the amount in dollars. - Do NOT use the dollar sign in the answer box. **Example Answer Format:** - 1234.56
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