a) Mr. Mikhail made 24 monthly deposits of $250 into an account that earns 8% compounded quarterly.
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a) Mr. Mikhail made 24 monthly deposits of $250 into an account that earns 8% compounded quarterly. How much will be in the account three years after his last deposit?
b) Cheryl plans to purchase another delivery vehicle for her small business in eight months from now. If her goal is to have a down payment of $5,000 at the time of the vehicle purchase, how much would Cheryl need to save at the end of every month for the next eight months if she can earn 3% compounded monthly on her funds?
Related Book For
Principles Of Engineering Economic Analysis
ISBN: 9781118163832
6th Edition
Authors: John A. White, Kenneth E. Case, David B. Pratt
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