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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…

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…
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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 quarterly?

User Alloy
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1 Answer

6 votes

5% of 40,000 is 2,000

User Christian Zosel
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