Homework Answers
Quarterly deposit = $8,500
Future value = $224,000
Period = 6 years or 24 quarters
Let quarterly interest rate be i%
$8,500 * FVA of $1 (i%, 24) = $224,000
Using financial calculator:
N = 24
PV = 0
PMT = -8500
FV = 224000
I = 0.80%
Quarterly interest rate = 0.80%
Annual interest rate = 4 * Quarterly interest rate
Annual interest rate = 4 * 0.80%
Annual interest rate = 3.20%
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