How large must each of the 5 payments be round your answer


You must make a payment of $1,178.11 in 10 years. To get the money for this payment, you will make 5 equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 10% with quarterly compounding. How large must each of the 5 payments be? Round your answer to the nearest cent.

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: How large must each of the 5 payments be round your answer
Reference No:- TGS0633544

Expected delivery within 24 Hours