Question

Mary needs​ $9000 in 11 years. What amount can she deposit in a sinking fund at the end of each quarter at 4​% interest compounded quarterly so she will have her​ $9000? Round to the nearest cent.
r = 4% / 4 = 0.01
11years *4 = n = 44 compound periods

9000 = x [ 1.01^44 - 1 ] / 0.01 = x [ 1.5493 - 1 ] / 0.01
90 = .5493 x
x = 163.84

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