Answered: If $3500 is deposited at the end of…

If $3500 is deposited at the end of each quarter in an account that earns 7% compounded quarterly, after how many quarters will the account contain $70,000?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If $3500 is deposited at the end of each quarter in an account that earns 7% compounded quarterly, after how many quarters will the account contain $70,000? (Round your answer UP to the nearest quarter.)

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