Register
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
154k views
3 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 Alloy
by
6.1k points

1 Answer

6 votes

5% of 40,000 is 2,000

User Christian Zosel
by
5.8k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.5m questions

8.6m answers

Other Questions

What is the least common denominator of the four fractions 20 7/10 20 3/4 18 9/10 20 18/25
What is 0.12 expressed as a fraction in simplest form
Solve using square root or factoring method plz help!!!!.....must click on pic to see the whole problem
What is the initial value and what does it represent? $4, the cost per item $4, the cost of the catalog $6, the cost per item $6, the cost of the catalog?
What is distributive property ?
Link Copied!