Hector needs $10,000 in 8 years. How much money should he deposit at the end of each quarter into a savings account that pays 8% compounded quarterly?

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.18E
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Hector needs $10,000 in 8 years. How much money should he deposit at the end
of each quarter into a savings account that pays 8% compounded quarterly?

 

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