An amount of $14951 is deposited into a fund that earns a nominal annual rate of interest is 4.4% compounded quarterly. The fund will be used to make quarterly payments of $600 at the end of every 3 months for as long as possible. A smaller payment X is to be paid along the last regular payment to completely deplete the fund. Compute the amount of the payment X. Possible Answers A 168.12 B 165.23 c123.45 D 134.67 E 459.15
An amount of $14951 is deposited into a fund that earns a nominal annual rate of interest is 4.4% compounded quarterly. The fund will be used to make quarterly payments of $600 at the end of every 3 months for as long as possible. A smaller payment X is to be paid along the last regular payment to completely deplete the fund. Compute the amount of the payment X. Possible Answers A 168.12 B 165.23 c123.45 D 134.67 E 459.15
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
Problem 1PS
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An amount of $14951 is deposited into a fund that earns a nominal annual rate of interest is 4.4% compounded quarterly. The fund will be
used to make quarterly payments of $600 at the end of every 3 months for as long as possible. A smaller payment X is to be paid along the
last regular payment to completely deplete the fund.
Compute the amount of the payment X.
Possible Answers
A 168.12
B 165.23
с 123.45
Ꭰ 134.67
E 459.15
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