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A young couple wants to save $40,000 over the next 5 years and then use this money as a down payment on a home. How much money must they deposit at the end of each quarter in an account that earns 5% compounded
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44 votes
44 votes
A young couple wants to save $40,000 over the next 5 years and then use this money as a down payment on a home. How much money must they deposit at the end of each quarter in an account that earns 5% compounded quarterly?

User Mahmut EFE
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1 Answer

18 votes
18 votes

5% of 40,000 is 2,000

User OJNSim
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