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A church congregation has raised $37,625 for future outreach work. If the money is invested in a fund paying 7% compounded quarterly, what annual payment can be made for ten years from the fund if the first payment is to be made four years from the date of investment in the fund? The size of the payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

A church congregation has raised $37,625 for future outreach work. If the money is invested in a fund paying 7% compounded quarterly, what annual payment can be made for ten years from the fund if the first payment is to be made four years from the date of investment in the fund? The size of the payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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A church congregation has raised $37,625 for future outreach work. If the money is invested in a fund paying 7% compounded quarterly, what annual payment can be made for ten years from the fund if the first payment is to be made four years from the date of investment in the fund? The size of the payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:A church congregation has raised $37,625 for future outreach work. If the money is invested in a fund paying 7% compounded quarterly, what annual payment can be made for ten years from the fund if the first payment is to be made four years from the date of investment in the fund? The size of the payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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