Use TVM keys, N, I/Y, PV, PMT, FV Bobby Nelson is hoping to buy a sports car in 6 years. He has set up a sinking fund earning 3%, compounded quarterly. If the car he wants will cost 59,200, what amount should his quarterly deposit be in order for him to have enough to buy the car in 6 years? Assume deposits are made at the beginning of each quarter. (Use BGN mode.)
Use TVM keys, N, I/Y, PV, PMT, FV Bobby Nelson is hoping to buy a sports car in 6 years. He has set up a sinking fund earning 3%, compounded quarterly. If the car he wants will cost 59,200, what amount should his quarterly deposit be in order for him to have enough to buy the car in 6 years? Assume deposits are made at the beginning of each quarter. (Use BGN mode.)
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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Use TVM keys, N, I/Y, PV, PMT, FV
Bobby Nelson is hoping to buy a sports car in 6 years. He has set up a sinking fund earning 3%, compounded quarterly. If the car he wants will cost 59,200, what amount should his quarterly deposit be in order for him to have enough to buy the car in 6 years? Assume deposits are made at the beginning of each quarter. (Use
BGN mode.)
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