You would Ilike to have $59,000 in 5 years for the down payment on a new house following graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. (a) How much should you deposit at the end of every three months? (b) How much of the $59,000 comes from deposits? (c) How much of the $59,000 comes from interest? (Round UP to the nearest dollar. For example, $247) OPensyrooo n 21 l 1e0 (6)' s 6Tei 0hcc doirdW (b)Saaviz wDi 26. 7 1 0 59.000 6 00
You would Ilike to have $59,000 in 5 years for the down payment on a new house following graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. (a) How much should you deposit at the end of every three months? (b) How much of the $59,000 comes from deposits? (c) How much of the $59,000 comes from interest? (Round UP to the nearest dollar. For example, $247) OPensyrooo n 21 l 1e0 (6)' s 6Tei 0hcc doirdW (b)Saaviz wDi 26. 7 1 0 59.000 6 00
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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Question
![You would Ilike to have $59,000 in 5 years for the down payment on a
new house following graduation by making deposits at the end of every three
months in an annuity that pays 4.25% compounded quarterly. (a) How much
should you deposit at the end of every three months? (b) How much of the
$59,000 comes from deposits? (c) How much of the $59,000 comes from
interest? (Round UP to the nearest dollar. For example, $247)
OPensyrooo
n
21
l 1e0
(6)' s
6Tei 0hcc
doirdW (b)Saaviz
wDi
26. 7
1 0
59.000 6 00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F200482fe-eda4-42d1-88a8-e85bcbb63468%2F4f9564aa-d68f-476e-9790-21fee7febca8%2Fzp5oobi.jpeg&w=3840&q=75)
Transcribed Image Text:You would Ilike to have $59,000 in 5 years for the down payment on a
new house following graduation by making deposits at the end of every three
months in an annuity that pays 4.25% compounded quarterly. (a) How much
should you deposit at the end of every three months? (b) How much of the
$59,000 comes from deposits? (c) How much of the $59,000 comes from
interest? (Round UP to the nearest dollar. For example, $247)
OPensyrooo
n
21
l 1e0
(6)' s
6Tei 0hcc
doirdW (b)Saaviz
wDi
26. 7
1 0
59.000 6 00
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