Riley wants to have $198,594 in her savings account in 4 years. Riley opened her savings...
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Riley wants to have $198,594 in her savings account in 4 years. Riley opened her savings account with a deposit of $17,000. Riley intends to make equal deposits into the savings account at the end of every three months for the next four years. Riley will earn 12% interest compounded quarterly on all deposits wi th the bank. Calculate the amount of each equal quarterly deposit that Riley must make in order to have $198,594 in her account in four years. You will need to use the time value of money table factors posted in carmen to answer this question. To access these factors, click modules and then scroll to week 10. Click on the link labeled present & future value table factors. No credit will be awarded for this question using a means other than these posted table factors to answer this question.
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Initial Deposit 17 000 Desired Sum 198 594 Time Period 4 years or 16 quart View the full answer
Related Book For
Foundations of Financial Management
ISBN: 9781259194078
15th edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
Posted Date:
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