Ron Weasley wants to buy a new Nimbus 2000 broomstick in 8 years, which costs 500 galleons. To accumulate 500 galleons in 8 years, how many galleons (might be a decimal number) should Ron invest quarterly in a sinking fund at Gringotts with a 6% interest rate compounded quarterly?
Added by Curtis M.
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Since there are 4 quarters in a year, we multiply 8 years by 4 quarters/year: 8 years * 4 quarters/year = 32 quarters Show more…
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