Answered: If the bank is paying 8% interest…

If the bank is paying 8% interest compounded quarterly, how much must you deposit today in your account if you wish to have $35,000 at the end of 3 months?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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If the bank is paying 8% interest compounded quarterly, how much must you deposit today in your account if you wish to have $35,000 at the end of 3 months?

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