Question

How much must be deposited at the end of every three months for 6.5 years to accumulate to $3893.00 at 6% compounded quarterly? The required deposit is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

          How much must be deposited at the end of every three months for 6.5 years to accumulate to $3893.00 at 6% compounded quarterly?
The required deposit is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

How much must be deposited at the end of every three months for 6.5 years to accumulate to 3893.00 at 6% compounded quarterly?
The required deposit is
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Added by Hannah G.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Adi S

09/11/2023

Step 1

Step 1: The future value of an ordinary annuity is given by: $$FV = P\dfrac{[(1 + i)^n - 1]}{i}$$ where: * FV is the future value of the annuity * P is the payment amount * i is the interest rate per period * n is the number of periods Show more…

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How much must be deposited at the end of every three months for 6.5 years to accumulate to $3893.00 at 6% compounded quarterly? The required deposit is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)