Suppose $289 is deposited at the end of every three months into an account earning 11.9% per annum compounded If the balance in the account is to be $16100 semi-annually, how many deposits are needed?

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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Suppose $289 is deposited at the end of every three months into an account
earning 11.9% per annum compounded If the balance in the account is to be
$16100 semi-annually, how many deposits are needed?
Transcribed Image Text:Suppose $289 is deposited at the end of every three months into an account earning 11.9% per annum compounded If the balance in the account is to be $16100 semi-annually, how many deposits are needed?
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