You won $100 000. 00 in a lottery and you want to set some of that sum aside for10 years. After 10 years, you would like to receive $2400.00 at the end of every3 months for 8 years. How much of your winnings must you set aside if interestis 5.5% compounded quarterly?
You won $100 000. 00 in a lottery and you want to set some of that sum aside for10 years. After 10 years, you would like to receive $2400.00 at the end of every3 months for 8 years. How much of your winnings must you set aside if interestis 5.5% compounded quarterly?
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 12E
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You won $100 000. 00 in a lottery and you want to set some of that sum aside for10 years. After 10 years, you would like to receive $2400.00 at the end of every3 months for 8 years. How much of your winnings must you set aside if interestis 5.5% compounded quarterly?
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