In an effort to save money for early retirement, an environmental engineering colleague plans to deposit $4600 per month, starting one month from now, into a fixed account that pays 4% per year compounded quarterly. How much will be in the account at the end of 7 years? Assume no inter-period interest earned
Quarterly interest rate = 4%/4 = 1%
Number of quarters = 4 x 7 = 28
Quarterly deposit = $4,600 x 3 = $13,800
Accumulative deposit ($) = 13,800 x F/A(1%, 28) = 13,800 x 32.1291 = 443,381.58
In an effort to save money for early retirement, an environmental engineering colleague plans to deposit...
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