John-The-Smart-Investor plans to make uniform deposits every three months into a high yield savings account so that at the end of 8 years, a sum of $8,000 will be saved in the account. If the 8% effective annual interest is compounded quarterly, how much should John deposit at the end of each quarter?

John-The-Smart-Investor plans to make uniform deposits every three months into a high yield savings account so that at the end of 8 years, a sum of $8,000 will be saved in the account. If the 8% effective annual interest is compounded quarterly, how much should John deposit at the end of each quarter?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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