Asked by kim
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.
Answers
Answered by
Anonymous
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
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
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.