If a periodic payment p is deposited n times per year, with annual interest rate r also compounded n times per year for t years, the future value of the account is given by , where . What quarterly investment amount is required to save $5300 in 7 years at an annual rate of 6% compounded quarterly? Round your answer to the nearest cent.

Question

If a periodic payment p is deposited n times per year, with annual interest rate r also compounded n times per year for t years, the future value of the account is given by  , where  . What quarterly investment amount is required to save $5300 in 7 years at an annual rate of 6% compounded quarterly? Round your answer to the nearest cent.

Quizplus · Accepted Answer

The Answer of If a periodic payment p is deposited n times per year, with annual interest rate r also compounded n times per year for t years, the future value of the account is given by  , where  . What quarterly investment amount is required to save $5300 in 7 years at an annual rate of 6% compounded quarterly? Round your answer to the nearest cent.

If a Periodic Payment P Is Deposited N Times Per