An investment banker would like to receive $1,200 at the beginning of every 3 months from her investment fund for a period of 10 years. The fund is earning 3.3% compounded quarterly. Calculate the amount of money she should deposit if the first payment is to be received in 5 years and 9 months. Round to the nearest cent

An investment banker would like to receive $1,200 at the beginning of every 3 months from her investment fund for a period of 10 years. The fund is earning 3.3% compounded quarterly. Calculate the amount of money she should deposit if the first payment is to be received in 5 years and 9 months. Round to the nearest cent

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 22P

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