Register
In addition to his scholarship, Benjamin needs $3,500 every 3 months for living expenses and tuition. He expects it will take 5 years to complete his degree. Assume funds earn 10% per year compounded quarterly.
6.2k views
3 votes
In addition to his scholarship, Benjamin needs $3,500 every 3 months for

living expenses and tuition. He expects it will take 5 years to complete his
degree. Assume funds earn 10% per year compounded quarterly. Use the
Present Value of an Annuity Table to find the lump sum that must be
deposited to meet this need. *

User Jason Jackson
by
5.1k points

1 Answer

6 votes

Answer:


c.i. = p(1 + r / {100}^(n) )

In addition to his scholarship, Benjamin needs $3,500 every 3 months for living expenses-example-1
User Carolee
by
5.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.0m questions

7.8m answers

Other Questions

Aliyah has $24 to spend on seven pencils. After buying them she had $10. How much did each pencil cost?
Ten gallons of paint were poured into two containers of different sizes. Use one variable to express the amount poured into each container
Use the normal model ​n(11371137​,9696​) for the weights of steers. ​a) what weight represents the 3737thth ​percentile? ​b) what weight represents the 9999thth ​percentile? ​c) what's the iqr of the weights
Evaluate a + b when a = –16.2 and b = –11.4 A. –27.6 B. –4.8 C. 4.8 D. 27.6
A bank offers a 4% annual interest rate for a savings account. Juan puts $5,000 into an account to save for college. How much will be in the account after a year?
Link Copied!