Ingrid wants to buy a $20,000 car in 8 years. How much money must she deposit at the end of each quarter in an account paying 5.5% compounded quarterly so that she will have enough to pay for her car? How much money must she deposit at the end of each quarter? $ (Round to the nearest cent as needed.)

Ingrid wants to buy a $20,000 car in 8 years. How much money must she deposit at the end of each quarter in an account paying 5.5% compounded quarterly so that she will have enough to pay for her car? How much money must she deposit at the end of each quarter? $ (Round to the nearest cent as needed.)

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 5E

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