Kindness is a virtue consequently kind people may compete


Kindness is a virtue. Consequently, kind people may compete in good activities. Terry and Merry are such people. To help out a cause in five years, Terry decided to deposit $5,000 today into an account earning 8% annual interest (APR) with quarterly compounding. To complement Merry announced that she will match Terry’s contribution in five years. Merry can invest in an account paying 6% annual interest (APR) with semiannual compounding. How much money she should deposit today to match the amount of Terry in five years? For all computations keep nine digits after the decimal point.

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Financial Management: Kindness is a virtue consequently kind people may compete
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