Anthony set up a savings fund for his son's education so that he would be able...
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Anthony set up a savings fund for his son's education so that he would be able to withdraw $1,700 at the beginning of every month for the next 7 years. The fund earns 3.81% compounded quarterly. Question 1 of 6 a. What amount should he deposit today to allow for the $1,700 periodic withdrawals? Round to the nearest cent b. How much interest would he earn in this investment? Round to the nearest cent Anthony set up a savings fund for his son's education so that he would be able to withdraw $1,700 at the beginning of every month for the next 7 years. The fund earns 3.81% compounded quarterly. Question 1 of 6 a. What amount should he deposit today to allow for the $1,700 periodic withdrawals? Round to the nearest cent b. How much interest would he earn in this investment? Round to the nearest cent
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Anthonys Education Savings Fund a Deposit Amount We can calculate the present value needed to sustai... View the full answer
Related Book For
Personal Finance Turning Money into Wealth
ISBN: 978-0134730363
8th edition
Authors: Arthur J. Keown
Posted Date:
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