Lee and his girlfriend recently graduated from college. They both just started their careers and have plans to purchase a home together in 10 years. Lee thinks that they'll need $25,000 in 10 years as a down payment on the home. Given a stated annual interest rate of 6% compounded quarterly, what is the quarterly deposit (rounded to the nearest dollar) they'll need to make such that they'll meet their savings goal of $25,000 for that down payment in 10 years?

Answer rating: 100% (QA)

We have future value FVPMT1rn1r Here future valu... View the full answer