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Home Q & A Board Science-Related Homework Help Mathematics
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Lada Lada
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6 years ago
Mr. Dawson wants to receive payments of $1230.00 at the beginning of every three months for 19 years starting on the date of his retirement. If he retires in 21 years, how much must he deposit in an account at the beginning of every three months if interest on the account is 6.84% compounded quarterly?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
PVn (due) = 1230  (1.0171)
   = 1230(42.3594904)(1.0171) = $52993.12 = FVn (due)
52993.12 = PMT (1.0171)
52993.12 = PMT(184.4894598)(1.0171)
$282.41 = PMT
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