Arish has $25,000 in an investment account and plans to contribute $1,000 at the start of each quarter into the fund for 15 years. If Arish wishes to have $200,000 at the 15th year, determine the rate of interest compounded quarterly needed to fulfill this requirement. Hint: Enter PV as $-25,000
Arish has $25,000 in an investment account and plans to contribute $1,000 at the start of each quarter into the fund for 15 years. If Arish wishes to have $200,000 at the 15th year, determine the rate of interest compounded quarterly needed to fulfill this requirement. Hint: Enter PV as $-25,000
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 22P
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Arish has $25,000 in an investment account and plans to contribute $1,000 at the start of each quarter into the fund for 15 years.
If Arish wishes to have $200,000 at the 15th year, determine the rate of interest compounded quarterly needed to fulfill this requirement. Hint: Enter PV as $-25,000
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