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.

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.

Anonymous · Answer

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

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.

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.