Ehly, what was the size of the quarterly deposits?

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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Nicole made equal deposits at the beginning of every 3 months into an RRSP. At the end
of 8 years, the fund had an accumulated value of $40,000. If the RRSP was earning
3.75% compounded monthly, what was the size of the quarterly deposits?
Round to the nearest cent
Transcribed Image Text:Nicole made equal deposits at the beginning of every 3 months into an RRSP. At the end of 8 years, the fund had an accumulated value of $40,000. If the RRSP was earning 3.75% compounded monthly, what was the size of the quarterly deposits? Round to the nearest cent
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