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Chapter 3 Mathematics of Finance - page 8 / 20

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Barnett/Ziegler/Byleen Finite Mathematics 12e

8

Back to Our Original Problem

How much money must you deposit now at 6% interest compounded quarterly in order to be able to withdraw $3,000 at the end of each quarter year for two years?

Solution: R = 3000,   i = 0.06/4 = 0.015, n = 8

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