Mary would like to retire in 30 years with at least $2.3 million in her account. However, she is seeking an overdraft of $120,000 to buy furniture for her new house today. A bank is ready to give her the overdraft and charges an interest rate of 6% per year. What deposit will she have to make into her account at the start of every quarter to achieve her goal?

Answer rating: 100% (QA)

To calculate the required quarterly deposit for Mary to reach her goalwe need to consider several fa... View the full answer