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Question

*Construction* fund A company wants to have $\$ 250,000$ available in $4 \frac{1}{2}$ years for new construction. How much must be deposited at the beginning of each quarter to reach this goal if the investment earns $10.2 \%$ compounded quarterly?

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 3To determine how much must be deposited at the beginning of each quarter to reach this goal if the investment earns $10.2\%$ compounded quarterly we will use this equation below.

$R={S_{due}}{\bigg[\frac{(1+i)^n-1}{i}\bigg](1+i)}$

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