Question
Linda wants to have $873,815 in her savings account in 24 years. The interest rate is 8% p.a. compounded quarterly from today to the
Linda wants to have $873,815 in her savings account in 24 years. The interest rate is 8% p.a. compounded quarterly from today to the end of year 8 and 8.8 % p.a. compounded quarterly thereafter. Calculate the minimum amount Linda should deposit today in the savings account.
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
15th edition
1337671002, 978-1337395250
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